Market analyst Joao Wedson has identified $117,000 as a zone that could prove pivotal for the cryptocurrency’s next direction.
According to Wedson, this level has historically been a point where momentum often slows, forming local peaks or sparking pullbacks. He explained that the region tends to generate both heavy demand and strong resistance, making it a battleground between buyers and sellers. “Any price above $117,000 enters a zone of strong interest and indecision,” he said, adding that a decisive break above $118,000 would signal clear strength in the market.
Wedson pointed to technical tools that are currently reinforcing this level’s importance.
Both the CVDD Channel and the Fibonacci-Corrected Market Average Price – two metrics with a track record of highlighting Bitcoin’s turning points – are flashing signals in the same region.
The convergence of these indicators suggests that traders should not ignore the zone as Bitcoin edges closer.
If Bitcoin manages to overcome resistance and secure a foothold above $118,000, Wedson believes it could pave the way for another strong rally. On the other hand, hesitation at this level could stall momentum and lead to renewed volatility. With BTC already hovering near record territory, the outcome could determine whether the market enters a consolidation phase or gears up for its next explosive move.
The coming days are expected to be critical, as Bitcoin tests levels that have repeatedly shaped its performance in past cycles. Investors and analysts alike will be watching closely to see if the cryptocurrency has the strength to push higher — or if sellers regain the upper hand at this long-tested barrier.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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