Peter Smith
Bitcoin's been grinding sideways for a bit, but don't mistake that for weakness. The weekly chart shows Bitcoin consolidating above key support, with the 20-week EMA holding firm at $111,440. If the next week closes green, we could be looking at another leg up toward fresh record highs.
The Technical Picture
After charging to $116,400, the world's top cryptocurrency is taking a breather near $110,000—and according to Michaël van de Poppe, that's exactly what a healthy bull market looks like.
Bitcoin's weekly chart is holding up remarkably well:
- Higher highs and higher lows have been intact since early 2023, forming a clear ascending channel
- 20-week EMA at $111,440 continues acting as dynamic support throughout 2024 and into 2025
- RSI at 51.23—perfectly neutral, suggesting neither overbought nor oversold conditions
- Consolidation zone between $106,000 and $116,000 with no panic selling or volume spikes
- Support holding above $106,000, where buyers keep stepping in
The volume has stayed stable during this pullback—no signs of the kind of liquidation you'd see at a market top. This looks more like profit-taking within a strong uptrend, similar to consolidations we saw in mid-2017 and early 2021 before Bitcoin broke to new highs.
What's Driving the Strength?
A few big-picture factors are keeping Bitcoin's bull case alive. Institutional demand through ETFs and corporate treasuries continues building. Central banks are still dealing with inflation, which keeps Bitcoin relevant as a hedge. And the 2024 halving is tightening supply, gradually amplifying scarcity effects on price.
If Bitcoin breaks above $116,400, momentum could carry it toward $120,000–$125,000. As long as it holds above $106,000 and the 20-week EMA, the uptrend stays intact. A weekly close above $114,000–$115,000 would confirm the correction is over and signal the next rally phase might be starting. For now, Bitcoin's bull market looks very much alive—this is just the pause before the next move.
Peter Smith
