Bitcoin (BTC) has regained strong upward momentum after weeks of consolidation, turning its market outlook from bearish to bullish.
The leading cryptocurrency is now trading at $116,703.28, up 4% in the last 24 hours. Trading activity has also intensified, with daily volume at $63.38 billion and the total market capitalization climbing to $2.32 trillion.
Bitcoin key technical levels
Well-known market watcher Jonathan Carter pointed out that Bitcoin is currently bouncing from the ascending channel support on the daily chart while also reclaiming the 50-day moving average.
This technical combination is often viewed as a strong bullish signal, suggesting that buyers are regaining control. According to Carter, if Bitcoin secures a successful breakout above the $117,000 level, it could quickly gather momentum toward higher targets around $124,000 and $131,300.
He emphasized that investor accumulation is increasing, which could provide the fuel needed for the next rally.
Indicators support the uptrend
Several technical indicators are aligning with this bullish scenario. The Relative Strength Index (RSI) is sitting near 59, a level considered neutral, meaning Bitcoin is not overbought and still has room to climb.
The Moving Average Convergence Divergence (MACD) has also crossed into positive territory, with the blue line moving above the signal line, an indicator that often precedes stronger bullish momentum.
Moving averages continue to strengthen Bitcoin’s technical foundation. The price is holding well above the 20-week moving average, currently near $112,000, while longer-term supports remain around $100,000 and $78,000.
Market outlook
Overall, Bitcoin’s strong bounce and improving technical indicators highlight a solid base for further growth. If bulls maintain control and a breakout above $117,000 is confirmed, the next few weeks could see BTC retesting $120,000 and potentially moving toward $124,000 or higher.
With momentum building and investor confidence returning, Bitcoin may be preparing for another significant leg in its long-term uptrend.