Traders Unfazed by Bitcoin's Dip Below $65K and Assert BTC Price is 'High and Stable'

Bitcoin's price needs substantial demand-side pressure to emerge from its prolonged correction.

Source: koinbulteni.com

On June 18, BTC extended its correction, declining 1.41% over 24 hours and 6.5% over seven days. Market data indicates Bitcoin fell to $64,237, marking a one-month low, losing critical support at the psychological $65,000 level. Similarly, the total market capitalization has decreased by 2% in the last 24 hours, settling at $2.33 trillion at the time of reporting. The 60% surge in total trading volume highlights the strong selling pressure prevailing in the crypto market.

Bitcoin's decline below $65,000 triggered extensive liquidations across the crypto sphere. Data reveals that within the past 24 hours, $61 million worth of long Bitcoin positions were liquidated, compared to $24 million in short liquidations. Approximately $372 million in leveraged long crypto positions were liquidated during this period, while short positions saw liquidations amounting to $61.8 million. Despite the recent downturn in the entire crypto sector, particularly driven by Bitcoin, analysts remain optimistic about BTC's potential recovery in the coming weeks. 

Even with the significant long squeeze affecting altcoins, BTC leverage remains resilient and stable, noted K33 Research analysts in a June 18 report. Their optimism appears to be rooted in Bitcoin's current price action, described as mild and choppy, as it consolidates within an ascending wedge pattern. Independent analyst Jelle illustrated this pattern in a chart posted on X on June 18, highlighting Bitcoin's price coiling within the boundaries of the ascending wedge. According to Jelle, the recent decline has brought Bitcoin's price to a critical level of interest – the ascending trendline of the wedge.

Furthermore, the analyst has set a lofty six-figure target for Bitcoin's price at $100,000. Similarly ambitious projections were made by another analyst, Moustache, who pointed out that Bitcoin's price is potentially forming an inverse head and shoulders pattern on the daily timeframe. If this pattern is confirmed, Moustache believes the price could ascend towards the pattern's target of $87,500. Adding to the analysis, Rekt Capital observed that Bitcoin has experienced a consistent downtrend throughout June, emphasizing the necessity for a breakout from this trend to initiate a reversal in price. Meanwhile, the pseudonymous analyst, Yoddha, suggested that the Bitcoin price is currently mirroring a setup reminiscent of the 2015 to 2017 cycle. Based on charts shared on X, the analyst highlighted that the current correction in Bitcoin's price could be viewed as a healthy pullback which potentially sets the stage for a significant upside breakout similar to what occurred in 2017.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.