Bitcoin climbed to $99,475, inching very close to the $100,000 mark, as of Thursday, May 8, at 4:57 am ET. This rally is driven by macroeconomic uncertainty and dovish U.S. monetary policy with investors flocking to alternative assets.
Bitcoin last saw this milestone on Feb 1, before the U.S. implemented reciprocal tariffs on all countries.
The 24-hour gain of 2.67%, or more than an additional $2500 in value, comes following the Federal Reserve’s decision to keep its interest rate at zero, with an eye-opening decision to adopt a ‘wait-and-see’ view following slowing growth and geopolitical uncertainty’.
Persistent trade tensions between the U.S. and China also buoyed the market. President Donald Trump ruled out any easing of 145% tariffs on Chinese imports as part of a partial trade deal, reinforcing a hardline policy that is contributing to a global economic slowdown. “No,” Trump told them flatly when asked about the possibility of tariff reductions.
In the meantime, US Treasury Secretary Scott Bessent is to hold talks with a Chinese counterpart in Switzerland about the ongoing economic dispute.
It is interesting to note that according to data and technical analysis, Bitcoin has started to exhibit a strong, yet slightly cooling bullish momentum.
Historically, there has been a similar MACD behavior succeeding price moves of $1000-$2000.
The 50-day SMA at $87,892 provides an indication that the asset remains well above trend. The 14-day RSI at 66.6 also gives evidence that it is nearing the overbought area. The base case is that BTC will test $100,000 – $101,000 relatively soon.
