Bitcoin Defies Gravity Above Critical Support as Analysts Target $170,000 Breakout

Bitcoin isn't just holding—it's building momentum for the next leg up.

The Unshakeable Foundation

Despite market turbulence that would send traditional assets reeling, Bitcoin maintains its position above that crucial technical level. Institutional money continues flowing in while retail investors finally understand what the smart money knew years ago.

The Path to Six Figures

Technical analysts point to clean chart patterns suggesting the road to $170,000 remains wide open. Fundamentals align perfectly—ETF adoption accelerates while global monetary policies keep doing what they do best: devaluing fiat currencies.

Meanwhile, traditional finance experts who dismissed Bitcoin at $500 now scramble to justify why $170,000 makes perfect sense—proving once again that Wall Street's crystal ball works best in reverse.

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.

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.