Bitcoin holds strong above $100k: New record ahead or brewing pullback?

Cryptocurrency markets were rejoicing with renewed optimism as Bitcoin (BTC), the flagship digital asset, successfully held above the $100,000 mark after scaling it on Thursday, May 8. Breaking out of a prolonged consolidation phase, Bitcoin reached the six-figure milestone for the first time since February 2025, fueled by a broad shift in global market sentiment.

 

Analysts attribute the momentum to easing geopolitical tensions—particularly following US President Donald Trump’s signing of a trade agreement with the United Kingdom, his first such deal since the imposition of reciprocal tariffs.

 

The upward move in the flagship currency, Pankaj Balani, co-founder and CEO, Delta Exchange, said, has been driven by positive developments on the regulatory front in the US and by a wave of corporate buyers looking to follow in the footsteps of MicroStrategy. This has been coupled with strong ETF flows which are expected to continue.

 

 

At 1:34 PM on Friday, May 9, Bitcoin was quoted trading at around $103,764.69, up by 4.50 per cent, according to data from CoinMarketCap. The world’s most popular cryptocurrency had a 24-hour trading volume of $66.76 billion. Bitcoin's market capitalisation stood at $2.06 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $99,122.68 and $103,969.54.

 

Notably, Bitcoin is 5.23 per cent lower than its all-time high of $109,114.88, scaled nearly four months ago on Jan 20, 2025.  ALSO READ | 'Bitcoin, Ethereum remained most traded cryptos amid stock market crash

Will Bitcoin scale a fresh high?

Bitcoin, at this stage, seems unstoppable, said Paras Malhotra, SVP - Trade, Custody and BizOps at CoinDCX, as the token appears to be clearing the final barrier ahead of its All-time high (ATH). In such a scenario, while bearish possibilities may haunt the rally, Malhotra believes the technicals have reached levels seen before the October 2024 breakout. “The RSI & MACD flash a massive bullish signal for the BTC price, which suggests a new ATH above $110K is imminent,” said Malhotra.

 

In the short term, Balani also believes that Bitcoin looks set to challenge the previous ATH, where he expects some profit booking. “The overall sentiment for Bitcoin remains bullish given the positivity around the sector,” said Balani.

 

Echoing similar views, Edul Patel, co-founder and CEO of Mudrex, said that if Bitcoin holds above $98,600, the momentum is set to continue, paving the way toward a new all-time high. Notably, the Fear-Greed Index representing investor sentiment has moved to “Greed,” indicating sustained buying activity. “Additionally, the steady spike in daily Bitcoin blockchain activity to $12.5 billion in transactions shows that this rally is not just news-driven but an early sign of a new bull run,” said Patel.

 

That said, Malhotra remains a bit cautious and noted that, as seen before, bulls are expected to face massive exhaustion, which may result in rejection. With this, the Bitcoin price may slip back to the $100K range or slightly lower, forming the bottom of a corrective phase. “Hence, the token is primed to surge to new highs but also carries the risk of plunging below $100K,” said Malhotra.

Ethereum (ETH) leads among altcoins

The positive sentiment is extending to other altcoins, with Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, reclaiming the $2,300 mark and continuing to trade above it. Last seen, it was trading higher by 23.17 per cent at $2,375.88. It has traded in the range of $1,926.86 - $2,390.49 in the last 24 hours. Ethereum, however, is still nearly 51 per cent lower from its all-time high of $4,891.70, scaled on Nov 16, 2021.

 

Among other popular altcoins, Cardano (ADA) was trading higher by 11.55 per cent, Solana (SOL) up 9.29 per cent, Ripple (XRP) 7 per cent, and Binance Coin (BNB) 3 per cent.