Cryptocurrency analyst Joao Wedson stated that the $117,000 level is a critical zone for Bitcoin (BTC).
In his assessment, Wedson pointed out that this level was one of the points where the market tended to slow down or form local peaks in the past.
“Any price above $117,000 enters a zone of strong interest and indecision. Therefore, a clear break above $118,000 would be a sign of strength,” Wedson said.
According to the analyst, both the CVDD Channel and Fibonacci-Corrected Market Average Price indicators, which have shown fairly accurate levels throughout Bitcoin’s history, are currently pointing to the same region.
Wedson warned cryptocurrency followers to be careful, arguing that this zone could determine Bitcoin's next “explosive” move.
At the time of writing, BTC is trading at $115,609, up 4.95% in the past week. Meanwhile, Ethereum is up 8.63%, with the price trading at $4,647.
*This is not investment advice.
