Bitcoin continues to be in the spotlight for investors after reaching a new all-time high above $124,000. The current price stands at $117,757, and experts are analyzing technical indicators and support levels for future forecasts.
Analysis of the Wyckoff Pattern
Ted claims that Bitcoin is following a Wyckoff Accumulation model that began in early 2025. He believes that breaking through the $124,000 level is not the top point, but part of a 'Sign of Strength' in the market. He adds, 'I still don’t think that $124K was the top,' referring to the increase in global M2 money supply as a supporting factor for further growth.
Technical Indicators and Their Function
On the daily chart, Bitcoin demonstrates consolidation near recent highs. The Relative Strength Index (RSI) is at 52.73, indicating neutral momentum. The MACD line is above the signal line, signaling a mild bullish crossover, yet the histogram remains flat. These indicators confirm that the market is in a state of anticipation, with no strong signals for trend reversal.
Support Levels Based on On-Chain Data
On-chain analyst Ali Martinez shared a cost basis heatmap showing Bitcoin's strongest short-term support between $117,459 and $117,606, where approximately 72,900 BTC are concentrated. A secondary support is found between $114,412 and $114,555, with 56,201 BTC accumulated in this range. Martinez pointed out that as long as Bitcoin remains above $117,500, 'the structure suggests ongoing support from recent buyers.'
Despite short-term fluctuations and external factors such as PPI data, Bitcoin exhibits resilience. The next major move may depend on Bitcoin's behavior around key support levels, remaining in outlook towards the $124,000 mark and beyond.
