Bitcoin's price surged to $117,000, forming a low-density accumulation zone, with analysts warning of potential support failure leading to a bottom formation.
Bitcoin's price recently rose from $110,000 to $117,000, establishing a low-density accumulation zone. Following its all-time high of $122,600, Bitcoin remains above this zone, but failure of this support could lead to a bottom formation, according to Glassnode's report.