Bitcoin’s (BTC) price saw a continued correction on June 18, with a drop of 1.41% over the last 24 hours and 6.5% over the past week. Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin (BTC) fell to a one-month low of $64,237 after losing crucial support at the psychological level of $65,000.
The total market capitalization also decreased by 2% in the last 24 hours, settling at $2.33 trillion at the time of reporting. The significant 60% increase in total trading volume indicated a strong selling pressure in the crypto market.
The drop below $65,000 led to substantial liquidations across the crypto market. Coinglass data showed that long Bitcoin positions worth $61 million were liquidated in the past 24 hours, compared to $24 million in short liquidations. Leveraged long crypto positions worth $372 million were liquidated in the same period, in contrast to $61.8 million in short positions.
Despite the bearish trend in the crypto sector, analysts remained positive about Bitcoin’s recovery in the coming weeks. K33 Research analysts noted that while altcoins faced pressure, BTC leverage remained high and stable. They observed Bitcoin’s price consolidating in an ascending wedge pattern, suggesting a potential recovery.
Analysts like Jelle and Moustache set ambitious price targets for Bitcoin, with predictions of reaching $100,000 and $87,500, respectively. Rekt Capital highlighted the need for Bitcoin to break out of the current downtrend to initiate a price reversal.
Yoddha, a pseudonymous analyst, compared the current market setup to the 2015-2017 cycle, suggesting that the correction could lead to a significant breakout similar to what was observed in 2017. Daan Crypto Trades pointed out the high liquidity levels at $65,000 and $66,300, which could act as support levels for Bitcoin’s price.
Overall, the market sentiment remained cautiously optimistic about Bitcoin’s future price action, with analysts closely monitoring key support levels and patterns for potential bullish signals. This article does not provide investment advice, and readers are encouraged to conduct their research before making any financial decisions.