• Bitcoin remains strong above the crucial 100-week SMA, signaling potential for the next upward market phase.
• Analysts eye a major rally toward $160,000–$170,000 if key support levels continue holding.
• Technical indicators like RSI and MACD suggest current momentum is weak, driven by market selling pressure.

Bitcoin continues to gain momentum because it holds an important support level. According to analysts, if the market maintains the level, it might mark the start of a positive period. Market analysts now predict higher levels in the future if the trend continues.

Bitcoin Holds Crucial 100-Week SMA

Crypto analyst Ash Crypto pointed out the fact that Bitcoin is still being held above the 100-week Simple Moving Average (SMA), an area that was crucial in previous market cycles.

This was also the same area that acted as resistance for Bitcoin before the cryptocurrency broke out and ignited the bull market in 2023.

Analyzing the significance of this region being held by the cryptocurrency now indicates the beginning of another positive leg.

Bitcoin Approaches Major Price Zone

Market analyst Trending Bitcoin also indicates the next crucial price levels to focus on are between $160,000 $170,000. This is because it is believed to be the future ultimate price goal if the relevant support levels for Bitcoin are sustained.

Analysts highlight the importance of some interesting technological signals along with targets for the longer term. Thus, if the price is sustained at levels higher than the 100-year simple average, some people begin to think that the next breakout might already be underway for BTC.

At press time, BTC is trading at $87,246. The BTC recorded a 1.14% gain in the past 24 hours, supported by a strong 24-hour trading volume of $72.64 billion. Its market capitalisation now stands at $1.76 trillion, highlighting continued interest during a crucial period for price action.

Also Read | Bitcoin ETF Outflows Hit $2.8 Billion as Long Liquidations Spike to FTX-Era Levels

Bitcoin Holds Key Support as Momentum Weakens

The RSI is at 36.27, signifying that the values of BTC are nearing the oversold region. At the same time, the 51.21 support level was breached. Simultaneously, the MA Ribbon indicator is unfolding the bearish indicator, where the price is plummeting below the 100-SMA at 102,334 levels and now approaching the 200-SMA at 83,687 levels.

The MACD also supports the weak trend since the blue line to -4,080, far below the red line at -1,879. The momentum for the cryptocurrency remains low due to the consistent decrease in the blue echos in the histogram, which also remains in the red region. This evidently indicates that the prices are mainly being driven by the selling pressure in the market.

Also Read | Bitcoin Cash Bull Signal: Can BCH Rocket Back Toward $4,300?