Bitcoin Support for $118K Don Turn Crucial Pressure Point
Bitcoin support wey dey for $118,000 dey under scrutiny because na the average entry price for like 1.69 million BTC holdings, CryptoQuant analyst Crazzyblockk talk so. Dis Bitcoin support level na both psychological and technical barrier. If e break down steady below $118,000, e fit put traders for unrealized losses and make sell-offs scatter. But if BTC fit hold above dis number, e fit mean say confidence don come back and fresh buying fit show. Crypto traders suppose dey watch price movement around $118K well-well, use on-chain data take analyze sentiment, and sharpen risk management to ready for possible rebounds or deeper corrections.
Bearish
For crypto trading, key support levels dey act as catalysts for market movements. The $118,000 level represent average entry cost for 1.69 million BTC, so if e break blow this level, e go likely bring more selling pressure as investors wey dey underwater wan cut loss. For the past, when Bitcoin break big support zones like the drop below $30,000 for June 2021, e trigger sharp sell-offs and longer corrections. Considering the big volume wey dey tied to this price point, if dem no fit defend $118K, e fit cause similar cascade wey go shift short-term market sentiment to bearish. Even though if dem hold am well e go revive confidence and maybe support rebound, the immediate risk for break suggest say market outlook heavy for bearish side. Traders suppose prepare for increase volatility and consider protective measures like stop-loss orders or hedging strategies to minimize downside risk. For long term, Bitcoin resilience for this level go determine whether bigger recovery fit happen.