**Bitcoin Surges Past $100,000, Setting New All-Time High**

Bitcoin has recently surpassed the $100,000 mark, marking a significant milestone in the cryptocurrency market. This surge is attributed to factors such as global monetary policy easing and political support, notably from the Trump administration, which is considering a strategic BTC reserve. The Federal Reserve's interest rate cuts further contribute to this momentum, with projections eyeing $160,000 by 2025.

**Macroeconomic Factors Favor Bitcoin**

The global economic environment is conducive to Bitcoin's growth, with interest rate cuts by major banks like the ECB and PBOC increasing market liquidity. The anticipated Federal Reserve rate cut could further energize the market, setting the stage for a potential "Santa rally" in December.

**Institutional Embrace of Bitcoin**

Institutional investors are increasingly integrating Bitcoin into their portfolios, with spot Bitcoin ETFs attracting significant interest from hedge funds and pension funds. This shift underscores Bitcoin's growing acceptance as a legitimate asset class, often likened to "digital gold."

**Challenges and Future Prospects**

Despite the optimism, Bitcoin faces challenges, particularly around the $99,690 support level. A breach could see a dip to $90,000, but historical trends suggest resilience. Regulatory clarity and strategic BTC reserves could stabilize the market, paving the way for potential new highs.