Bitcoin Must Surpass $117,500 to End Correction Phase - Technical Analysis

Bitcoin's consolidation phase continues as analysts identify critical resistance level.

The $117,500 Threshold

Market technicians point to the $117,500 price point as the definitive breakout level needed to confirm the end of Bitcoin's current correction cycle. Falling short of this target suggests continued sideways movement with potential downside risk.

Technical Indicators Signal Caution

Multiple resistance zones have formed between current trading ranges and the identified target, creating significant headwinds for the cryptocurrency's upward momentum. Trading volume patterns and moving average convergences support the technical assessment.

Market Psychology at Play

The psychological barrier around six-figure price points creates additional pressure on both retail and institutional traders. Breaking through requires sustained buying pressure and positive catalyst development.

Another day, another arbitrary price target—because in crypto, technical analysis sometimes feels like reading tea leaves with a Bloomberg terminal.