With Bitcoin (BTC) regaining $120,000 in support, the long-term price structure of the asset indicates a possible breakout of $200,000 in the coming months.
This possibility was shared by popular cryptocurrency analysts Trade shotBitcoin has expanded its rebounds from its 50-week moving average (MA), noting that it has recently been strengthened by short-term bounces on the daily MA50.
August 12th TradingView Posts, analysts noted that this updated momentum will bring the technical focus back to macro trends. In macro trends, the next important hurdle is at the 0.5 Fibonacci retracement level.
Historically, this 0.5 FIB level has been a horrible zone of resistance, with the last rejection of Bitcoin on December 16, 2024, serving as a cap since May 2022.
Nevertheless, the previous cycle top is not only broken above 0.5 FIB, but also reached levels above the 0.786 Fibonacci mark, approaching the upper boundary of the channel.
A break above the 0.5 FIB could potentially send Bitcoin towards the 0.618 level, potentially testing $200,000 near the next cycle peak later this year. This places Meyer’s multiple bands in the upper red zone, but within the scope of historical norms, and the second half of 2025 could be crucial for price discovery.
Watch the Bitcoin Key Support Zone
Meanwhile, as Bitcoin is seeing a high new record, trading expert Ali Martinez shows prices that show two main support zones showing data on GlassNode’s UTXO price distribution (URPD).
Based on his August 12th data, 384,424 BTC (1.83% of supply) was acquired at nearly $118,163, while 622,158 BTC (3.13% of supply) was purchased around $116,934, creating a powerful technical and psychological floor that could support future pullbacks.
Bitcoin price analysis
By press time, Bitcoin had grown by 2.3% over the last 24 hours, trading at $120 and $920 at 6.6% on the weekly chart.
In fact, Bitcoin has shown bullish sentiment, suggesting that technical could push beyond $120,000. The asset is well above the 50-day Simple Moving Average (SMA) $114,109 and the 200-day SMA $92,926, confirming a strong long-term uptrend. Short-term SMAs also serve as the primary level of support.
At the same time, Bitcoin’s 14-day relative strength index (RSI) stands at 59.57, suggesting moderate upward momentum without any signs of overheating.
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