Bitcoin Surges 10% Past Key Resistance, Eyes $150K-$170K Range

Bitcoin has recently surged past a crucial resistance level within its ascending channel, indicating a potential rally toward the $150K–$170K price range. This breakout is supported by strong volume and momentum, suggesting that bullish forces are gaining dominance in the market. The breakout candle was accompanied by robust trading volume, reinforcing the strength behind this move. This volume surge suggests strong buyer conviction, which is critical for sustaining upward momentum in volatile markets.

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. 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.

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.

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.