Bitcoin (BTC) expected to end correction if it breaks above $117,500

Analysts suggested that Bitcoin (BTC) must strongly break through the key resistance zone around $117,500 for a new rally to unfold.

On the 14th (local time), crypto asset (cryptocurrency) specialist media Cointelegraph reported, "With the market showing signs of stability, the area near $117,500 is being watched as a key resistance level to sustain the bullish trend," adding, "If this area is broken on a daily close basis, the recent correction could stop and turn into a new rally."

It continued, "Although a sideways movement in the $100,000~$110,000 range seems likely for the time being, there is also a possibility of a retest of the $101,500 low," and explained, "A clear support level needs to be established above the $100,000 area."

Crypto asset analyst Merlijn The Trader (Merlijn The Trader) said, "From a long-term trend perspective, Bitcoin is re-testing the upward trendline that has continued since 2022," adding, "This trendline has acted as a rebound support whenever corrections occurred within the cycle, and if it holds this time as well, the current correction will be only a short-term readjustment."