Traders Unfazed by Bitcoin’s Sub-$65K Levels, View Price as ‘High and Steady’

On June 18, Bitcoin (BTC) continued to experience a price correction, with its value decreasing by 1.41% within 24 hours and 6.5% over the past week. According to data from Markets Pro and TradingView, Bitcoin dipped to $64,237, marking a one-month low after losing the critical support level of $65,000. This downturn contributed to a 2% reduction in the total market capitalization, bringing it to $2.33 trillion.

The significant drop in Bitcoin’s price is reflected in the total trading volume, which surged by 60%, highlighting the intensity of the sell-off in the cryptocurrency market. The aftermath of Bitcoin falling below the $65,000 mark has led to widespread liquidations. Coinglass data reveals that long Bitcoin positions worth $61 million were liquidated in the past 24 hours, compared to $24 million in short positions. Across the broader crypto market, leveraged long positions amounting to $372 million were liquidated, against $61.8 million in short positions.

Despite the negative momentum led by Bitcoin, some analysts remain hopeful about a potential recovery in the coming weeks. Analysts from K33 Research pointed out that while altcoin leverage has significantly decreased, Bitcoin’s leverage remains consistent. They described Bitcoin’s price action as “mild and choppy,” observing it consolidating within an ascending wedge pattern.

Independent analyst Jelle echoed this sentiment, suggesting that Bitcoin’s recent decline brought it to a critical “area of interest” along the ascending trendline of the wedge. According to Jelle, touching the 100-day EMA and the lower end of the triangle could lead to a bounce, potentially pushing Bitcoin’s price towards $72,000. Jelle also set a long-term target of $100,000 for Bitcoin.

Another analyst, Moustache, offered a similarly optimistic forecast, noting that Bitcoin appears to be forming an inverse head-and-shoulders pattern on the daily chart. If this pattern is confirmed, it could propel Bitcoin’s price to around $87,500. Rekt Capital mentioned that Bitcoin has been in a persistent downtrend throughout June and emphasized the need for a breakout to trigger a price reversal.

Pseudonymous analyst Yoddha compared the current setup to the 2015-2017 cycle, suggesting that the current correction is a healthy pullback, setting Bitcoin up for a significant upward breakout similar to the one witnessed in 2017 following the second BTC halving. This perspective aligns with historical patterns where a period of decline precedes substantial bull rallies.

Daan Crypto Trades identified a substantial “liquidity level at $65K and $66.3K,” which he believes could attract the price towards these levels. CoinGlass data supports this, revealing a notable bid liquidity area at $64,100 with approximately $47 million in buy orders just below the spot price. This liquidity zone might provide the necessary demand pressure to lift Bitcoin out of its ongoing downtrend.

While Bitcoin and the broader crypto market face short-term challenges, some analysts maintain a positive outlook. They identify critical support and liquidity levels that could catalyze a recovery. The overall sentiment is that the current corrections are part of a larger pattern that may precede significant gains, supported by historical trends and technical analyses.

14 thoughts on “Traders Unfazed by Bitcoin’s Sub-$65K Levels, View Price as ‘High and Steady’

  1. Keeping my eyes on those support and liquidity levels. A bounce seems imminent.

  2. The technical patterns are encouraging. Watching closely for that bounce!

  3. Even if there’s a liquidity zone around $64k, there’s no guarantee it will push the price up again. We could just as easily see another drop.

  4. The correction might actually be setting us up for a major bullish rally.

  5. Comparing this to the 2015-2017 cycle seems far-fetched. The market conditions and participants have changed drastically. It’s not the same.

  6. Love seeing the inverse head-and-shoulders pattern. Let’s hope for that $87.5K rally!

  7. I’m seeing a potential recovery on the horizon, especially with strong support levels.

  8. Hitting $72,000 is within reach after this critical area of interest! Fingers crossed!

  9. The market is too volatile to trust right now. Bitcoin dropping below $65,000 again shows how unstable it can be.

  10. All this talk of recovery is just wishful thinking. Bitcoin is losing value and there’s no guarantee it will bounce back soon.

  11. I’ve seen too many potential recovery forecasts turn into just another dip. Why should this time be any different?

  12. This correction looks like a healthy pullback. Ready for the next bull run!

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