Bitcoin Dip to $118K Expected, Futures Suggest Quick Recovery

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Bitcoin’s drop to $118,000 is a possibility, but traders might see futures’ open interest drop by $4.1 billion as a potential dip-buying opportunity.

BTC price may drop to the $118,000-$120,000 range before resuming its uptrend, analysts say.

Bitcoin futures open interest fell by $4.1 billion from its peak, potentially indicating a “healthy” reset.

Bitcoin was down 3.7% from its $126,000 all-time high and may revisit the $118,000 level over the next few days, but data suggested that prolonged trading below that level could be short-lived.

Bitcoin could drop to $118,000 first
Bitcoin price was trading at $121,300 on Friday, after posting moderate losses over the past 24 hours, data from Cointelegraph Markets Pro and TradingView showed.

While the macro setup remains bullish, analysts agree that the BTC/USD pair could first drop toward $118,000-$120,000 before resuming its uptrend.

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