Bitcoin (BTC) Reclaims the $100,000 Price Level for the First Time Since January

Bitcoin (BTC) reclaimed the $100,000 mark on May 8 at 3:22 pm UTC, surging 4.2% from the intraday low of $95,967, according to data from CoinGecko.

Bitcoin (BTC) price has reclaimed the $100,000 level for the first time since January, reflecting renewed bullish sentiment among investors.

BTC surged 4.2% from the intraday low of $95,967 to reach $99,990 by 3:22 pm UTC on May 8, according to CoinGecko.

It marks the third time that BTC has broken through the six-figure level. A first all-time high was reached on Dec. 5, 2024, with a second all-time high following on Jan. 20 ahead of US President Donald Trump’s inauguration.

Unlike the previous $100,000 hits, the new price spike came as Bitcoin dominance surged above 60%, reflecting potential bearish sentiment for altcoins.

Bitcoin dominance below 60% in past $100,000 breakthroughs

Bitcoin dominance — the asset’s share of the total cryptocurrency market — has been steadily rising over the past year. During its first run to $100,000 in December 2024, BTC dominance stood at 52%. By January 2025, that figure had increased to 54%.

The latest spike in Bitcoin dominance matches historical levels last seen in early 2021, when Bitcoin was trading at around $36,000 and heading toward its previous all-time highs above $60,000.

“Bitcoin has been showing strength for weeks now, outstripping other digital tokens, and scarcely flinching against the sort of geo-political events in Asia and the Middle East that may have impacted it in the past,” Mercuryo CEO Petr Kozyakov told Cointelegraph.

“With gold also running good all year, there’s now a case for saying that Bitcoin may have proven itself as an economic hedge and a long-term store of value,” he added.

Why is the Bitcoin price rising now?

A combination of political, institutional and macroeconomic factors appear to have led to Bitcoin’s latest price movements.

Some in the community linked Bitcoin’s bullish action to a potential trade deal between the US and the United Kingdom, which Trump hinted at in a post on Truth Social on May 7.

“Bitcoin is hovering near $100,000, a key psychological level for traders, after Trump hinted at a major trade deal, likely with the UK, which could heat up demand for the token further,” Kronos Research chief investment officer Vincent Liu told Cointelegraph.

Liu said the rally is also supported by falling bond yields, a weakening dollar and renewed institutional inflows in spot Bitcoin exchange-traded funds, which saw $1.8 billion of inflows in the past trading week.

Despite bullish momentum and the Crypto Fear & Greed Index consolidating in the “Green” area at its current score of 65, some key US economic data is anticipated to forecast Bitcoin’s moves shortly, according to Liu:

According to Ben Caselin, chief marketing officer at VALR, there is a “good chance” that Bitcoin will chart new highs, north of $110,000, sooner rather than later, as the asset seeks to consolidate its value above $100,000.

“Retail is only set to come in toward what is traditionally the latter part of the Bitcoin four-year cycle, which might see a macro top reached in Q4 of this year,” Caselin told Cointelegraph.

At the same time, given continued progress in global crypto regulation and multiple strategic Bitcoin reserve initiatives, Caselin also sees a chance of “prolonged and accelerated growth beyond 2025.”