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Bitcoin struggles to clear the $98,000 mark as dominance keeps rising

Bitcoin ended the trading week just under the $98,000 threshold.

By Mike Hesp
• 2 min read
Bitcoin struggles to clear the $98,000 mark as dominance keeps rising

Bitcoin finished the trading week just under the $98,000 mark. As of writing, the price sits at $97,191. Still, Bitcoin is up more than 2% on a weekly basis, bringing it closer to the symbolic milestone of $100,000.

Meanwhile, Bitcoin's dominance in the overall crypto market is climbing to a new cyclical high: BTC now accounts for almost 65% of the total value of all crypto assets. This rise in dominance underscores investor confidence in 'digital gold', especially as altcoins lag in the rebound.

Bitcoin's latest price move follows a broader rally in U.S. equities. The S&P 500 has posted gains for eight straight trading days—the longest positive streak since August 2024. A potential catalyst for this broad market lift are signals of thawing tensions in the U.S.-China trade dispute. According to reporting from The Wall Street Journal, China is considering concessions to U.S. demands on fentanyl exports, seen as an opening step toward further talks.

At the same time, institutional money continues to flow into the crypto market. As of May 1, $422 million was added to U.S. Bitcoin ETFs. Notably, Brown University, a renowned Ivy League institution, invested in Bitcoin over the past weeks through ETFs for nearly $5 million, according to documents from the U.S. regulator SEC.

If Bitcoin breaks through $98,000, the path opens toward the psychologically important $100,000 level, last touched in February. From there it's just a 12% jump to the current all-time high just below $109,000.

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