[Analysis] "Bitcoin forms resistance at $117,000… Risk of correction if breakout fails"
JOON HYOUNG LEE
Summary
- Glassnode analyzed that Bitcoin price could enter a correction phase if it fails to break above $117,000.
- Glassnode said that on the Bitcoin cost-basis distribution heatmap, supply is concentrated in the $117,000 range, forming a major resistance zone.
- Glassnode said that if the $117,000 range is broken, it could lead to a thin supply band above, but if the breakout fails, there is a risk that the correction phase will be prolonged.
Analysis suggests that Bitcoin (BTC) price could enter a correction phase if it fails to break above $117,000.
On-chain analytics firm Glassnode said on the 18th (local time) via its official X account, "Supply on the Bitcoin 'Cost Basis Distribution Heatmap' is concentrated in the $117,000 range," adding that "(at that price level) it forms a major resistance zone."
Glassnode analyzed that "(if the $117,000) range is broken, it could lead to a thin supply area above." It added, "(however) if the breakout fails, there is a risk that the correction phase will be prolonged."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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