Bitcoin Price Must Hold $118,000 Support, CryptoQuant Warn
CryptoQuant analyst Crazzyblockk tok say Bitcoin price dey face critical support for $118,000. After e drop 2% within 24 hours, BTC dey trade around $115,200, pressure come from weak US economic data and wan reduce Fed rate cut expectations. The $118,000 level na di average entry cost for 1.69 million BTC wey dem gather last month. If dem fit hold this support, e fit keep di recent uptrend and boost recovery momentum. If e break below $118,000, e fit cause more drops and correction. Traders suppose dey monitor this support to sabi short-term market risk and bullish sentiment.
Bearish
Di emphasis wey dey put for Bitcoin price $118,000 support show say short-term risk don high. If e break under dis important level, e fit cause plenty people to start sell their Bitcoin, wey go make market correct more, like as e happen for past times wen major support levels fail (for example, when e break $30,000 for 2021). Traders fit start to dey cautious or comot for their positions, as dem dey consider how Fed policy and economic wahala dey affect market. If e fit hold dis level, e fit make price go up again but the immediate wahala show say market no too stable, and e get bearish feeling.