⚈ Bitcoin nears $100,000 after breaking key resistances and regaining strong uptrend

⚈ Bullish momentum aided by Trump policies and global instability like India-Pakistan

⚈ $100K may act as psychological resistance amid rising short positions and uncertainty

Late on May 7 and in the early hours of May 8, Bitcoin (BTC) rapidly advanced, adding more than $2,500 within hours.

At press time, it needs to rise a mere 0.41% – less than $500 from the current $99,593 value – more to hit the psychologically important $100,000 threshold.

The situation for the world’s premier cryptocurrency appears favorable for reaching the milestone. On Tuesday, May 6, it broke the downtrend, bouncing off the lows near $94,000 and thus regaining a powerful uptrend.

Why Bitcoin can smash above $100,000

External developments, which have been a dominant factor in BTC’s performance so far in 2025, also appear bullish for the asset. President Donald Trump unveiled a series of bullish catalysts for the stock market and has reignited investor optimism.

Bitcoin also has an opportunity to regain some of its reputation as a safe haven and has arguably already started making the effort. At least part of the upswing has been driven by the escalating India-Pakistan armed conflict.

The fact that BTC has broken through all three of its previous resistances—the ones near $97,800, $98,567, and $99,551—and that some cryptocurrency analysts, such as Michaël van de Poppe on X, have noted that long-term support is holding, reinforce the bullish outlook.

Bitcoin long/short position ratio in the last week of trading.

Interestingly, though the long/short ratio is close to its one-month lows and gives a reading of 0.819, the latest upsurge appears to have forced some bears to capitulate. It is yet to be confirmed if the slight drop results from growing confidence or a temporary disturbance due to forced liquidations.

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