Bitcoin Price Welcomes Strong Signal as Analysts Predict $70,000 Retest

Key Insights:

• Bitcoin (BTC) price holds above its 200-week moving average as of writing.
• Long-term Bitcoin holders continue to cut back on profit-taking.
• SOPR returns to neutral as traders watch the $70,000 level

Bitcoin price remains above one of its most-watched long-term support levels, giving traders more confidence after weeks of uncertainty. At the same time, on-chain data shows long-term BTC holders are selling less, while another key metric has returned to a more balanced level.

Bitcoin Price Stays Above The 200-Week Moving Average

Bitcoin price has closed above the 200-week moving average for another week, adding to the growing view that the market is holding up well. Crypto analyst Michaël van de Poppe said another weekly close above this level is a strong sign.

He said if BTC price keeps moving higher and gets back to the $68,000 area, the market could see a strong period for altcoins again.

He also pushed back against calls for a drop to $40,000. Many traders are still waiting for that level, but he said the way Bitcoin is trading today does not support such a sharp fall.

Bitcoin Price Analysis | Source: Michael van de Poppe

The 200-week moving average has been one of the most-watched levels for years. During weak markets, Bitcoin usually trades below it.

Once the price moves back above it and stays there, many traders see it as a sign that the market is becoming stronger. For now, attention is on the $68,000 level.

If buyers can push price back into that range, many traders believe a move toward $70,000 could follow. That does not mean the road will be smooth.

Bitcoin price has seen many pullbacks even during strong markets. Still, holding above the 200-week moving average gives BTC buyers something positive to work with.

Long-Term BTC Holders Are Taking Less Profit

New figures shared by on-chain analyst Darkfost show that long-term holders have slowed down their selling. The average buying price for this group is around $48,000.

With the price of Bitcoin trading close to $64,000, they are still in profit. Even so, the amount of profit they are taking has dropped to about 32%.

Notably, that is much lower than the 350% recorded in December 2024. The data suggests many long-term investors are keeping their coins instead of rushing to sell. That usually means there is less selling pressure coming from this group.

Bitcoin (BTC) Profit and Loss Analysis | Source: Darkfost

Darkfost also looked back at the last bear market. He said long-term holders only started selling at a loss after Bitcoin fell below their average buying price.

Based on current estimates, that would mean Bitcoin dropping below $50,000. He said such a move is possible, but there is nothing in the current data that says it has to happen.

Bitcoin Price Analysis: SOPR Returns To A Neutral Level

It is important to mention that another sign comes from the Long-Term Holder and Short-Term Holder SOPR ratio. In a recent post on social media, analyst CW said the indicator has moved back above 1. The reading is now close to where it was when Bitcoin traded around $80,000.

Bitcoin SOPR Ratio Analysis | Source: CW

According to the update, he explained that during the recent decline, short-term holders were doing most of the selling. Long-term holders bought much of that supply, which lowered their realized price. As the market recovered, the SOPR ratio moved back above 1 and returned to a neutral level.

It is worth noting that this does not guarantee that the Bitcoin price will keep rising. Still, when this signal is added to the 200-week moving average and the drop in profit-taking by long-term holders, it gives traders more reasons to watch whether Bitcoin can climb back to $68,000 and possibly test the $70,000 level.

As of writing, CoinMarketCap data show that Bitcoin (BTC) price was trading at $65,236.85, up by 1.99% in the past 24 hours.

The post Bitcoin Price Welcomes Strong Signal as Analysts Predict $70,000 Retest appeared first on The Coin Republic.