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Bitcoin has surged past a crucial resistance level within its ascending channel, signaling a potential rally toward the $150K–$170K price range.
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The breakout is supported by strong volume and momentum, indicating that bullish forces are gaining dominance in the market.
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According to COINOTAG, the weekly RSI is nearing a key trendline breakout, which could confirm sustained upward momentum and negate previous bearish signals.
Bitcoin breaks above key resistance with strong momentum, eyeing $150K–$170K range as weekly RSI approaches critical breakout point.
Bitcoin Breaks Key Resistance Within Ascending Channel, Targeting $150K–$170K Range
Bitcoin’s recent price action has demonstrated a decisive break above the $108K–$110K resistance zone within its long-term ascending channel. This breakout is significant as it marks a shift in market structure, positioning Bitcoin to potentially test the channel’s upper boundary near $150K–$170K. The breakout candle was accompanied by robust trading volume exceeding $22 billion, reinforcing the strength behind this move. This volume surge suggests strong buyer conviction, which is critical for sustaining upward momentum in volatile markets.
Weekly RSI Nears Critical Trendline, Indicating Potential Momentum Shift
The weekly Relative Strength Index (RSI) is approaching a long-term downtrend resistance that has capped momentum since early 2024. A breakout above this RSI trendline would be a technical confirmation of renewed bullish strength, potentially invalidating the bearish divergence that had previously restrained price rallies. As noted by COINOTAG sources, this RSI behavior is a key indicator for traders and institutional investors seeking confirmation before committing to further positions. The convergence of price breakout and RSI momentum enhances the probability of a sustained upward trend.
Market Structure and Momentum Align to Support Continued Upside
The current market structure, highlighted by the engulfing breakout candle, suggests that Bitcoin is gaining directional strength. Maintaining the $108K–$110K zone as support is essential to avoid a false breakout scenario, which could trap late buyers and trigger a short-term correction. However, with momentum indicators aligning and volume remaining robust, the outlook favors a continuation toward the channel’s upper resistance levels. This alignment of technical factors provides a compelling case for traders to monitor Bitcoin’s price action closely and consider strategic entry points.
Conclusion
Bitcoin’s breakout above a critical resistance within its ascending channel, supported by strong volume and an approaching RSI breakout, signals a positive shift in market dynamics. Holding the $108K–$110K support zone will be crucial for sustaining this momentum. If successful, Bitcoin could advance toward the $150K–$170K range, marking a significant milestone in its long-term price trajectory. Investors and traders should watch these key technical levels closely to gauge the sustainability of this bullish trend.
