Bitcoin (BTC) Price Surges Past the $100,000 Mark for the First Time Since February

Bitcoin (BTC) has surged past the $100,000 mark on major exchanges for the first time since February, before easing off slightly as traders locked in their gains.

Bitcoin (BTC) broke past the $100,000 mark on major exchanges for the first time since February, before easing off slightly as traders booked some of their gains.

The rally was fueled by the Federal Reserve keeping interest rates unchanged and President Trump announcing progress on trade deals with several countries.

Bitcoin price rises 3.38% in 24 hours

On May 9, 2025, Bitcoin was trading at $102,667, equivalent to IDR 1,689,362,393 — marking a 3.38% increase over the past 24 hours. Within that time frame, BTC fluctuated between a low of IDR 1,627,599,076 and a high of IDR 1,707,671,567.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $2.03 trillion, with trading volume in the last 24 hours also up 51% to $67.08 billion.

Read also: Ethereum Skyrockets 19% in a Day – Open Interest Hits a Massive $25 Billion!

Donald Trump Signs Trade Deal with UK

On May 8, Donald Trump announced the first trade deal since his administration began imposing massive tariffs last month.

The US president said his administration had reached an agreement with the UK, and several other deals were in the final stages of negotiation.

According to a Reuters report, the agreement will cut tariffs on steel and automotive products between the US and the UK, which is expected to ease concerns over supply chain inflation — a worry that had been weighing on risk assets since the tariff turmoil began.

The risk-on sentiment also flowed into the crypto market, with over $492 million worth of short positions liquidated across various derivatives platforms in the last 24 hours, according to data from CoinGlass.

Now, traders are looking at the $105,000 level as the next resistance. If the Trump deal goes off without a hitch, the bullish camp believes that the road to $120,000 could open up quickly.

Bitcoin Address Loses $1.6 Million

Meanwhile, according to a Lookonchain report on May 8, 2025, an anonymous Bitcoin address closed two short positions and made a loss of $1.6 million as the price went up.

Read also: Is a Gold Price Crash Coming? Experts Say Bitcoin Could Take Over the Market – Here’s Why!

Data from CoinGlass also showed that the largest single liquidation in the last 24 hours (8/5), at $10.6 million, was on BTC short positions. Historically, the liquidation of short positions often sparks an optimistic sentiment among traders, pushing the price up further.

Bullish Scenario for Bitcoin (BTC)

The beginning of Bitcoin’s price surge came after the US Federal Reserve announced that interest rates would remain in the range of 4.25% to 4.50%, as reported by CNBC. The leading digital asset had experienced high volatility ahead of the FOMC meeting on May 7.

The decision sparked positive sentiment in the financial markets. The S&P 500 Index rose by 0.43%, while the CBOE Volatility Index (VIX) fell by 7.71%.

As the price of Bitcoin went up, a whale who had previously been inactive for four months bought 100 BTC, which is equivalent to $9.78 million.

Such accumulation by whales is expected to push Bitcoin prices higher, as analysts do not see any potential for sell-offs in the near future.

Positive fund inflows from US-based spot Bitcoin ETFs also contributed to the optimistic sentiment towards BTC. Based on data from SoSoValue, net inflows amounted to $142 million for this investment product.

Analysts from Bitfinex, one of the leading crypto exchanges, predict that Bitcoin has the potential to break its record high of $109,000 if the support level of $95,000 is maintained.

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