Bitcoin Faces Key $118,000 Level for Bullish Recovery, Says Analyst
Bitcoin's recent drop highlights increased resistance at key price levels, with the market facing pressure from tightening cost bases and potential short-term selling.
BTC
Fact Check
The statement is overwhelmingly supported by the provided evidence. Numerous sources, including Cointelegraph, Fortune India, The Economic Times, and TradingView, explicitly state that various analysts identify the $118,000 level as a key target, resistance, or milestone for a bullish Bitcoin recovery or continuation. The claim is widely and consistently corroborated across nearly all provided articles with no conflicting information.
Summary
Bitcoin has fallen back to around $110,000 after reaching an all-time high of over $124,500. Glassnode reports increasing pressure from top buyers as cost bases tighten, with short-term holders likely to sell at breakeven points. The cryptocurrency has dropped below key realized price levels, though the 6-month moving average at $107,440 offers significant support.
Terms & Concepts
- Realized Price: The price at which each Bitcoin was last moved on the blockchain, serving as a measure of the average cost basis for holders of the cryptocurrency.
- Glassnode: A blockchain analytics firm that provides data and insights on cryptocurrency markets, focusing on on-chain metrics and market behavior.
- 6-month moving average: A technical analysis tool that smooths price data over the last 6 months to identify trends and support or resistance levels.