Bitcoin’s record-breaking rally pauses at $118K as analysts debate whether the cryptocurrency will surge to $125K or correct to $110K support levels in coming weeks.
Bitcoin hovers near $117,953 after hitting a new all-time high of $118,667 last week, entering what analysts describe as a healthy consolidation phase. TradingView analyst RLinda identifies two potential scenarios: either a breakout above $118,900 resistance targeting $125,000, or a correction to $110,000 support if Bitcoin fails to hold $115,500.
Key technical levels show $117,500 as immediate support, with $115,500 and $114,300 as subsequent floors. The 0.5 and 0.705 Fibonacci retracement levels at $113,031 and $111,960 may provide temporary support, while $110,400 represents a major buy zone. Conversely, daily closes above $118,400 could confirm continuation of the bullish trend.
Glassnode data reveals Bitcoin’s Long-Term Holder NUPL metric at 0.69 – below the 0.75 “euphoria” threshold seen in previous cycles. This suggests the market hasn’t reached overheated conditions, with only 30 days above the euphoria mark compared to 228 days in the last bull cycle.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: Bitcoinist.