Bitcoin Stalls After ATH, But the 160,000 USD Level 'Cannot Be Stopped'?

Bitcoin is trading at $117,757 after a week of volatility with a new all-time high above $124,000. The current price reflects a daily increase of 0.51% and a 0.68% increase over the past seven days. Despite short term hesitation, analysts believe the overall trend remains intact, supported by technical data and chain data. The recent price drop occurred after the release of the Producer Price Index (PPI) of the United States, causing a short term correction in risky assets. However, the chart structure of Bitcoin still shows strength. According to Ted, BTC is following the Wyckoff Accumulation pattern starting from the beginning of 2025, with the "spring" phase forming in April and steady growth since then. Breaking the $124,000 mark should not be seen as a peak, but rather as part of the "Strength Signal" phase. The analyst added: "I still don't think that $124,000 is the peak," citing the increase in global M2 as a driver for continued upward momentum. Wyckoff Model and Global Liquidity Correlation The chart shared by Ted overlays the price of Bitcoin onto the global M2 money supply, a measure of liquidity. Since the beginning of 2025, M2 has shown an upward trend, consistent with the rise of BTC. This comparison indicates that as liquidity increases, Bitcoin may continue to benefit. The Wyckoff structure displayed on the chart supports this view. It identifies key phases such as accumulation, growth, and breakout - all of which are phases that Bitcoin has adhered to this year. If this pattern continues, the next move could take BTC to the level of 160,000 dollars, according to the forecast.

Although the PPI data temporarily disrupted the upward trend, Bitcoin remains above important support levels, indicating that buyers are still in control. The increasing M2 trend may continue to provide additional support for the price increase. Technical Indicators Indicate a Pause in the Uptrend The daily chart of BTC shows consolidation near recent highs. The Relative Strength Index (RSI) is at 52.73, indicating neutral momentum. The Moving Average Convergence Divergence (MACD) ( is above the signal line, indicating a slight bullish crossover, although the histogram chart remains flat. These indicators confirm that the market is pausing, with no reversal signals or strong trend acceleration.

The short term trend will depend on whether BTC can maintain the current level and surpass the recent high. The price movement in the next few sessions could determine whether a new bull run will start or continue to consolidate. The Support Level on the Chain Confirms the Interest of Users Blockchain analyst Ali Martinez shared a cost heatmap showing that the strongest short term support level for BTC is between $117,459 and $117,606. This area contains approximately 72,900 BTC, indicating a high level of interest from holders. A secondary support range lies between $114,412 and $114,555, with 56,201 BTC accumulated.

These support areas reflect price levels where large volumes of BTC are traded, making them potential zones for buyers to defend. The analyst notes that as long as BTC remains above $117,500, "this structure shows continuous support from recent buyers." The next major move of Bitcoin could be driven by how it operates around these key thresholds. Currently, the bullish trend remains intact, with traders awaiting a breakout to the $124,000 level and beyond.