According to cryptocurrency expert Joao Wedson, the $117,000 mark is a pivotal threshold for Bitcoin (BTC).
Wedson highlighted that historically, this price point has been associated with market slowdowns or the formation of local peaks.
“Any value exceeding $117,000 enters a realm characterized by significant interest and uncertainty. Thus, a decisive move beyond $118,000 would indicate considerable strength,” he remarked.
The analyst noted that both the CVDD Channel and Fibonacci-Corrected Market Average Price indicators—known for their accuracy in Bitcoin’s historical trends—are currently converging on this critical area.
Wedson cautioned cryptocurrency enthusiasts to exercise caution as this zone could be instrumental in determining Bitcoin’s next major movement.
As of now, BTC is priced at $115,609 after experiencing a 4.95% increase over the past week. In contrast, Ethereum has risen by 8.63%, trading at $4,647.
*This does not constitute financial advice.