Bitcoin Faces Key Resistance Near $118K as Metrics Suggest Possible Short-Term Correction

Key Points

1. Bitcoin's price dipped 4.24% from its all-time high of $123,091, but remains resilient compared to historical bull run corrections.

2. The exchange whale ratio (0.52) suggests growing large-scale BTC deposits on exchanges, potentially indicating downward pressure if it rises above 0.6.

3. Liquidation clusters at $113,200 and $121,800 could influence short-term price action, with the current price closer to the upper cluster.

4. A sustained breakout above $118K could push Bitcoin toward $122K-$124K, while failure to reclaim this level may lead to a correction toward $111K-$112K.

5. Long-term fundamentals remain strong despite short-term volatility, with minor dips being common during bull markets.