Analysis: BTC must break $117.5K for correction to end

A new Bitcoin rally may depend on a decisive break above the key resistance level of $117,500, according to a recent analysis. Cointelegraph reported that as the market shows signs of stabilizing, this level is being watched as crucial for continuing the bullish trend. A daily close above $117,500 could halt the recent correction and trigger a new rally. The report suggests that while a sideways trend between $100,000 and $110,000 is likely in the short term, a retest of the $101,500 low remains possible. It emphasized that a clear support base must be established above the $100,000 mark. Separately, crypto analyst Merlijn The Trader noted that from a long-term perspective, Bitcoin is retesting its upward trendline from 2022. The analyst stated that this trendline has historically served as a rebound support level during each cycle's correction. If it holds this time, the current downturn may prove to be only a short-term readjustment.