Bitcoin Faces Resistance at $117,000 Amid Potential Breakout Signals

Bitcoin's attempt to reach new highs has faced strong resistance, particularly around the $117,000 mark. This level is identified as a critical resistance zone based on two on-chain metrics: the CVDD (Cumulative Value Days Destroyed) Channel and the Fibonacci-Adjusted Market Mean Price.

The CVDD Channel highlights zones of long-term support or resistance via aged capital movements.
The Fibonacci-Adjusted Market Mean Price shows Bitcoin holders' average cost basis adjusted with Fibonacci ratios.

Both metrics indicate $117,000 as a likely point for retracement, reflecting market indecision.

Potential Future Scenarios for Bitcoin

A breakout above $118,600 could indicate increased bullish momentum, potentially leading to significant upward movement.
A breach below $113,700 might trigger a swift decline to $110,000, and potentially down to $100,000, which may interest institutional buyers.

Currently, Bitcoin's price stands at approximately $115,660, with no notable changes in the last 24 hours.