Bitcoin Price Must Hold $118,000 Support, Warns CryptoQuant
CryptoQuant analyst Crazzyblockk warns that Bitcoin price faces critical support at $118,000. After a 2% drop in 24 hours, BTC trades around $115,200, pressured by weak US economic data and reduced Fed rate cut expectations. The $118,000 level aligns with the average entry cost for 1.69 million BTC accumulated last month. Holding this support could sustain the recent uptrend and boost recovery momentum. A break below $118,000 may trigger further declines and correction. Traders should monitor this support to gauge short-term market risk and bullish sentiment.
Bearish
The emphasis on Bitcoin price’s $118,000 support highlights elevated short-term risk. A breach below this key level could trigger cascading sell-offs and deepen corrections, as seen in past cycles when major supports failed (e.g., $30,000 break in 2021). Traders may adopt more defensive strategies or exit positions, weighing Fed policy and economic headwinds. While holding this level could revive bullish momentum, the immediate tone underscores vulnerability, pointing to a bearish bias in market sentiment.