Bitcoin Stumbles Post, ATH, But $160K ‘Unstoppable’?

Key Insights

• BTC follows the Wyckoff pattern; $124K may not be the top as M2 trend supports upside.
• RSI and MACD indicate neutral momentum; price consolidating near highs without clear breakout signal.
• On-chain data shows strong support at $117.5K and $114.5K, suggesting buyers remain active.

Bitcoin (BTC) is trading at $117,757 after a volatile week that included a new all-time high above $124,000. The current price reflects a 0.51% daily gain and a 0.68% rise over the past seven days. Despite short-term hesitation, analysts believe the broader trend remains intact, supported by technical and on-chain data.

The recent dip followed the release of the US Producer Price Index (PPI), which caused a brief pullback across risk assets. However, Bitcoin’s chart structure still shows strength. According to Ted, BTC is tracking a Wyckoff Accumulation pattern that began in early 2025, with the “spring” phase forming in April and a steady rally since then. 

The break above $124,000 is viewed not as a top, but part of the “Sign of Strength” phase. The analyst added, “I still don’t think that $124K was the top,” citing rising global M2 as a driver for continued upside.

Wyckoff Pattern and Global Liquidity Correlation

The chart shared by Ted  overlays Bitcoin’s price with the global M2 money supply, a measure of liquidity. Since early 2025, M2 has been trending upward, aligning with BTC’s rise. The comparison suggests that as liquidity increases, Bitcoin could continue to benefit.

The Wyckoff structure shown on the chart supports this view. It identifies key stages such as accumulation, spring, and breakout—all of which Bitcoin has followed closely this year. If the pattern continues to play out, the next move could send BTC toward $160,000, according to the projection line.

While the PPI data interrupted momentum temporarily, Bitcoin remained above key support zones, suggesting that buyers are still in control. A continuation of the M2 uptrend may further support bullish price action.

Technical Indicators Show Pause in Momentum

The daily chart of BTC shows consolidation near recent highs. The Relative Strength Index (RSI) is at 52.73, suggesting neutral momentum. 

The Moving Average Convergence Divergence (MACD) line sits above the signal line, signaling a mild bullish crossover, though the histogram remains flat. These readings confirm that the market is pausing, with no strong signal of trend reversal or acceleration.

Short-term moves will depend on whether BTC can sustain current levels and break above recent highs. Price action over the next few sessions may determine if a new rally begins or if more consolidation is ahead.

On-Chain Support Levels Confirm Buyer Interest

On-chain analyst Ali Martinez  shared a cost basis heatmap showing BTC’s strongest short-term support between $117,459 and $117,606. This zone contains roughly 72,900 BTC, indicating a high level of holder interest. A secondary support band is found between $114,412 and $114,555, with 56,201 BTC accumulated.

These support zones reflect price levels where large volumes of BTC changed hands, making them potential areas for buyer defense. The analyst noted that as long as BTC remains above $117,500, “the structure suggests ongoing support from recent buyers.”

Bitcoin’s next major move may be driven by how it behaves around these key levels. For now, the uptrend remains intact, with traders watching for a push toward $124,000 and beyond.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.