Bitcoin trades near a long-term trendline connecting peaks since 2017, signaling a key technical point.
Weekly RSI approaches descending resistance, with a breakout potentially ending a multi-year momentum cap.
Derivatives data shows rising open interest and strong buying pressure, supporting bullish market conditions.
Bitcoin is currently trading around $119,159, holding near a technical level that analysts have identified as its long-term trendline. This level connects peaks from past market cycles and aligns with the current rally in 2025. It remains an important point to monitor.
Long-Term Trendline and RSI Observations
The Bitcoin weekly chart shows price action approaching the established ascending trendline that has been respected since late 2017. This line also intersects with peaks from early 2021 and the latest 2025 advance. Price movements since mid-2023 have formed a consistent upward structure within this broader bullish trend.
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Titan of Crypto said BTC has reached its long-term trendline, a level worth keeping an eye on. The weekly Relative Strength Index (RSI) is trending upward and approaching a descending resistance line that has capped momentum in previous cycles. A move above this line could indicate a break in the multi-year momentum pattern.
Despite the RSI’s historical bearish divergence with price, current readings suggest room for further upward movement before possible resistance emerges. Traders are watching for a confirmed breakout above the trendline to signal renewed bullish momentum.
Trading Conditions and Derivatives Performance
Bitcoin recently pulled back around 3-4% from its $124,000 peak but remains above key support zones. According to CoinGecko, market capitalization and trading volumes remain strong, supporting sustained participation. Exchange netflow data shows reduced selling pressure from long-term holders, which has historically preceded major rallies.
Derivatives market activity has increased, with Coinglass reporting $24.28 million in short liquidations over the past day. Open Interest rose to $83.76 billion, while options trading volume more than doubled. The taker buy/sell ratio reached 1.16, indicating stronger buying pressure in futures markets.
According to Daan Crypto Trades, the recent CME gap was mostly filled after a weekend move, leaving a small portion open. This level may attract further price testing if the market seeks to remove remaining lower liquidity zones.
The post Bitcoin Holds Near $119K Long-Term Trendline, Here’s the Key RSI Level Analysts Are Watching appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
