Market Wrap: Is $169,800 the Top for Bitcoin Price this Cycle?

• Bitcoin price is trading at $110.9K and showing bullish momentum, with key resistance at $124.8K.
• Despite recent dips, Bitcoin remains above the crucial $70K–$80K support zone.
• The RSI at 68.58 and flattening MACD histogram suggest a potential cooldown.

Bitcoin price has been up 0.4% in the last 24 hours, and the trade price is $110,919. This is also a 6.9% jump in the past 7 days since last week’s market wrap, in which we predicted BTC may surge to $105,000

Bitcoin (BTC) has been flexing its muscles, showing off some serious price action while the market stays on edge. Let’s unpack and see where BTC might go next.

Bitcoin Price Eyes $169k – But After This

The weekly BTC/USD chart shows where Bitcoin is at and where it might be headed. Let’s break it down, fam. The chart shows Bitcoin trading at $110,957 as of the latest candle, with a high of $112,006 earlier in the week.

However, BTC took a hit, dropping 4.19% (down $796.36) on the week. Despite the dip, the price is still above a major support zone labeled “MAJOR SUPPORT,” between $70K and $80K. This zone has acted like a bouncing pad for Bitcoin in the past, and the fact that we’re still above this level is hella bullish.

There’s also the 50-day simple moving average (SMA) (green) that Bitcoin’s been riding since mid-2023, which lines up perfectly with that major support zone. This trendline has been a great guide, showing steady upward momentum over the past two years. If BTC price holds this line, we could see it continue its climb toward the next resistance levels.

BTCUSDT Chart by TradingviewSpeaking of resistance, the chart marks two key zones to watch: $124.8K and $169.6K. We’re currently just below that $124.8K resistance, and if Bitcoin can break through, it’s got a clear shot at $169.6K. That’d be a 52% pump from current levels.

But if we fail to break $124.8K, we might see a pullback to retest that major support around $100K—$105K. The RSI (Relative Strength Index) at the bottom is sitting at 68.58, which is close to overbought territory (70+). This means BTC might be a bit heated, and a cooldown could be coming before the next leg up.

The moving average convergence divergence (MACD) at the bottom also gives us some clues. The MACD shows bullish momentum with the blue line (MACD) crossing above the orange (signal), but the histogram is flattening, hinting that the upward push might be losing steam for now.

Bitcoin Price Prediction: What’s Next?

So, where’s Bitcoin headed? Based on the chart, in the short term, we might see some choppiness as BTC decides whether to break $124.8K or pull back to retest that major support. Bitcoin Spot ETF raking in $934 million on May 22, whale activity, and potential regulatory news could be bullish catalysts.

Bitcoin Spot ETF Daily Total Net Inflow | Source: Soso ValueHowever, the Fear and Greed Index at 78 (Greed) tells us the market’s still shook, which could lead to more volatility. If Bitcoin holds above the $105K support and breaks $124.8K, we could see it gunning for $169.6K in the coming weeks—maybe even by mid-June 2025 if the bulls keep the party going.

But if we dip below $105K, the next stop could be $70K—$80K, where buyers might step in to defend that trendline. Either way, the long-term outlook is still bullish, with Bitcoin showing resilience and big players betting on its future.