Bitcoin Sets Sights on $100,000 Again After Recent Price Surge

(MENAFN- Golin Mena) Dubai, UAE – May 06, 2025: Bitcoin is once again approaching its milestone price of $100,000, following a breakout from a consolidation phase around the $95,000 level. Last week, Bitcoin reached as high as $98,000, marking its highest price since mid-February. While the price has seen a slight pullback since then, the continued uptrend signals potential for another climb toward the $100,000 mark.
Simon Peters, Crypto Analyst at eToro, commented: "The $100K level is particularly significant for Bitcoin. Historically, it has acted as a strong resistance level. We saw substantial selling pressure when Bitcoin first reached $100,000 in November 2024, with the price quickly dropping to $90,000. Whether we will see a similar price action this time remains to be seen. However, the current sentiment and market dynamics provide some indications that Bitcoin may continue its rise."
The Crypto Fear and Greed Index is currently above neutral, indicating that the market is not yet overbought, leaving room for further upward movement. Bitcoin's price typically faces significant sell-offs when investor sentiment is dominated by "greed," but the current index suggests that the market has not yet reached that level.
Additionally, institutional inflows into Bitcoin, reflected in the activity of spot ETFs, have been above average in the past week. Large whale investors and Bitcoin treasury companies are continuing to accumulate, signaling strong confidence in the market.
Federal Reserve Meeting and Interest Rate Decision
The upcoming interest rate decision and press conference from the U.S. Federal Reserve on Wednesday could provide further tailwinds to Bitcoin’s price. Recent data, including the Personal Consumption Expenditures (PCE) index and non-farm payrolls report, have reassured investors that inflation is slowing down and the labor market remains robust. The market will closely watch for any signals from Chairman Jerome Powell about potential rate cuts in June, which could positively affect Bitcoin and other cryptocurrency prices.
Ethereum ‘Pectra’ Upgrade
Ethereum’s upcoming upgrade, Pectra, is set to go live this Wednesday and is poised to enhance the scalability, usability, and efficiency of the network. The upgrade will also raise the staking limits for Ethereum validators from 32 ETH to 2,048 ETH, potentially locking up more supply and increasing the demand for Ether. This development comes at a crucial time for Ethereum, as its market dominance has recently dropped to 7%, the lowest level since September 2019.
The Pectra upgrade could drive more activity on the Ethereum network, creating upward pressure on Ether’s price and potentially increasing its market capitalization.
Biggest Movers: PENGU Soars 25%
One of the biggest movers in the crypto space last week was PENGU, which saw a significant 25% price increase. The token, which is the official ecosystem currency of Pudgy Penguins, a popular collection of 8,888 unique NFTs, has surged 185% since hitting a low of $0.003715 on April 9th.
Eye-Catching Stories: Major Finance Platforms Enter Crypto
In a notable development for the crypto industry, Charles Schwab announced plans to launch spot cryptocurrency trading on its platform within the next 12 months. Initially, trading will focus on Bitcoin and Ethereum and will be available through Schwab’s thinkorswim platform before expanding to schwaband mobile apps.
Similarly, Morgan Stanley revealed plans to offer crypto trading services to its E-Trade clients within the next year. As more traditional financial institutions introduce crypto trading services, this may further legitimize the market and contribute to future price growth for Bitcoin and other cryptocurrencies.

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