- Analyst Rich Ross says Bitcoin is “coiled like a spring” and could break out to $170K soon.
- BTC consolidates under $111K with a bullish EMA structure, signaling a potential breakout ahead.
- Exchange outflows signal strong accumulation, with market structure mirroring past rallies.
Bitcoin may be preparing for a major move, according to a recent statement by Rich Ross on Fox Business. The Senior Managing Director and Head of Technical Analysis at Evercore ISI described Bitcoin as “coiled like a spring” and stated that the asset appears ready to break out toward $170,000. His remarks came during an appearance on Making Money with Charles Payne, where he outlined his technical view of the market.
Ross said Bitcoin’s price chart mirrors earlier setups that preceded explosive rallies. He pointed to ongoing consolidation as a sign of market strength. Bitcoin’s resilience within a narrow band amid macroeconomic uncertainty confirms investors’ confidence in the coin. Institutional interest and expectations of future events may be potent triggers over the next few months.
At the time of writing, Bitcoin was trading around $108,800, hovering near the resistance level of $112,000. This follows a rally from $95,000 in late May. Technical charts indicate that Bitcoin is moving within a narrow band just below key resistance. That kind of movement often indicates building pressure and signals a potential breakout.
Technical Setup Aligns with Bullish Outlook
Daily price action indicates that Bitcoin is respecting the 20 EMA, which is now close to $107,500. It is also above the 50 EMA, which lies above $105,400. This EMA alignment, 20 above 50, 100, and 200, supports a bullish structure. The pattern shows a steady buying force and a viable setup in the market.
The consolidation pattern resembles a bullish pennant or ascending triangle. These trends are seen before a price boom. Should Bitcoin break above the $112k mark, analysts expect it could reach $120,000 in the near term. From there, Ross believes the move could extend to $170,000. Such a breakout may come quickly if macro conditions align.
Bitcoin has now held above $100,000 since May 8. Even during a temporary dip to $98,300 in June, it quickly rebounded. This sustained range between $100,000 and $110,000 may now serve as a structural bottom. Analysts consider this zone a critical support base.
Onchain Data Signals Accumulation Phase
Data from CryptoQuant contributes to the positive narrative. The outflow-to-inflow exchange rate ratio reached 0.9, the lowest since December 2022. This metric indicates that long-term holders are withdrawing coins from exchanges. That behavior often points to accumulation rather than selling.
A similar outflow dominance preceded the market bottom near $15,500 in 2022, after which Bitcoin rallied steadily. Analysts believe current conditions may once again be setting the stage for a parabolic move higher.
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Despite intense short-selling on derivatives markets like Binance, Bitcoin has remained steady. Cumulative Volume Delta (CVD) remains negative, indicating sustained sell pressure from market takers. However, the price has failed to break below, indicating that stronger players are exerting buying power. Buyers are absorbing downward pressure without letting the price fall below $100,000.
The resistance level around $112,000 acts as the breakout trigger. A daily close above this level could confirm a bullish breakout. Key support remains between $105,000 and $107,000. A drop below $100,000 would threaten the bullish setup and delay the expected move.
With technical indicators, onchain metrics, and institutional demand all lined up, Bitcoin is likely to experience a significant breakout. The call by Rich Ross at $170,000 incorporates both technical structure and market psychology. If buyers step in, Bitcoin may easily get into a new major uptrend.
