[Analysis] "For Bitcoin, holding the $118,000 support is crucial… Losing it may trigger a correction"

A recent analysis indicates that it is crucial for Bitcoin (BTC), which has seen a slight recent decline, to maintain the $118,000 level in order to avoid further drops.

On the 17th (local time), CryptoQuant author Crazzyblockk said, "$118,000 is the average purchase price (realized price) for new investors who have held their assets for less than one month, and the amount they hold is about 1.69 million BTC," adding, "New investors are a key group supplying market liquidity in every cycle and represent short-term sentiment. This price range is a core area for interpreting short-term market trends."

The author further stated, "Currently, Bitcoin is defending this critical area. If the $118,000 level holds, the uptrend is likely to continue; if it is lost, the risk of a short-term correction could increase."

Meanwhile, on CoinMarketCap, Bitcoin is currently trading at $117,324.31, down 0.03% from the previous day.