Bitcoin Surges 4.2% to $100,000 Amid Bullish Sentiment

Bitcoin has reclaimed the $100,000 price level for the first time since January, reflecting renewed bullish sentiment among investors. On May 8 at 3:22 pm UTC, Bitcoin (BTC) surged 4.2% from the intraday low of $95,967, according to data from CoinGecko. This marks the third time that BTC has broken through the six-figure level since first achieving it on Dec. 5, 2024. A second all-time high followed on Jan. 20 ahead of US President Donald Trump’s inauguration.

Unlike the previous $100,000 hits, the new price spike came as Bitcoin market dominance surged above 60%, reflecting potential bearish sentiment for altcoins. 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 historic 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’s latest $100,000 breakthrough came amid a combination of political, institutional and macroeconomic factors. Some in the community linked Bitcoin’s latest bullish action to a potential trade deal between the US and the United Kingdom, which Trump hinted at in a Truth Social post on May 7. The rally is also supported by falling bond yields, a weakening dollar and renewed institutional inflows in spot Bitcoin exchange-traded funds.

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. Upcoming US budget data on May 12 and CPI [Consumer Price Index] on May 13 will be key in determining if BTC can break and hold above this level. For the rally to sustain, the trade deal narrative will need to evolve into concrete progress.

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