The leading digital currency in the world in terms of market capitalization, Bitcoin ($BTC), has registered massive gains over the course of the last 24 hours as the price value of $BTC has touched the figure of $97.9k before bouncing back to a price mark of $96k as of the time of writing.
Momentum increases for #Bitcoin with its price climbing to a high of $97.9k, its highest in over two months. The rebound in price has provided significant financial relief to market participants, with over +3M BTC returning to a state of profit.
Discover more in the latest… pic.twitter.com/ZG68WCHB51
— glassnode (@glassnode) May 7, 2025
Bitcoin ($BTC) Price Registers Its Two-Month High
The price value of Bitcoin ($BTC) has been hovering around the figure of $94k for most period of the time over the past two months and failed to break the resistance of $96k in several attempts. However, this time, $BTC was able to sneak through this resistance level, which helped the coin cross the figure of $97k.
Reportedly, this is the highest price value that the king cryptocurrency has reached over the course of the last two months. Market participants have also received some financial relief with this significant rise in the price value of Bitcoin. Moreover, the realized capitalization has also surged to a new all-time high of $889 billion.
Community Sentiment Turns Bullish
As per the Glassnode data, this massive spike in the price value of Bitcoin, the sentiment in the cryptocurrency community has turned bullish. Traders and investors are expecting a long bull run over the next few days. Some even believe the largest digital currency might now be able to break the level of $100k as well over the course of a shorter period of time.
Currently trading with a positive change rate of 2.74%, the price value of Bitcoin is standing at around the figure of $96.9k. It has bounced back from its two-month high of $97.9k within the duration of just a few hours. However, with its current bullish momentum, it is expected to rise high again very soon.
