Market analyst Joao Wedson has assessed potential outcomes for the cryptocurrency landscape following Bitcoin’s recent encounter with a significant resistance level at $117,000.
Wedson remarked that their forecast made exactly one week ago has materialized, noting that $117,000 serves as a formidable resistance zone where price movement appears to be stalling.
The analyst highlighted that indicators such as the CVDD Channel and Fibonacci Adjusted Market Average Price have accurately pointed to this threshold, reflecting a state of indecision among traders in the market.
In light of Wedson’s updated predictions:
A surge past $118,600 could validate buyer strength and trigger a new upward trend in prices. Conversely, if Bitcoin falls below $113,700, it may retreat towards the $110,000 mark. A more pronounced decline could shift focus to the range between $104,000 and $100,000. Wedson emphasized that these price points are likely to attract attention from institutional investors seeking fresh buying opportunities.
As of now, Bitcoin is trading around $116,000 and has shown little change over the past 24 hours.
*This should not be considered financial advice.