Unfazed by Bitcoin’s sub-$65k level, traders say the BTC price is ‘high and stable’
Bitcoin (BTC) price continued to correct on June 18, down 1.41% and 6.5% in the last 24 hours and seven days.
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin (BTC) fell to a one-month low after missing key support at the psychological $65,000 level at $64,237.
Similarly, the total market capitalization fell by 2% in the last 24 hours to rest at $2.33 trillion at the time of publication. The 60% jump in total transaction volume is a testament to the strength of the sell side in the crypto market.
Bitcoin's fall below $65,000 has led to massive cash flow in the crypto market.
Data from Coinglass shows that in the last 24 hours, $61 million worth of long bitcoin positions were reversed against $24 million worth of short liquidations.
About $372 million of leveraged long crypto positions were dumped against $61.8 million of short positions in 24 hours.
Despite this weak momentum across the entire crypto sector led by Bitcoin, analysts are still optimistic about BTC's recovery in the next few weeks.
“While altcoins face significant long pressure, BTC gains remain high and stable,” K33 Research analysts wrote in a report published on June 18.
According to independent analyst Jelle, analyst sentiment appears to be informed by Bitcoin's “mild and choppy” price action as it consolidates in an upward trend.
In a June 18 post on X, Jelle shared the following chart, which shows the price of BTC going up and down. According to the analyst, the recent fall has seen the pioneer cryptocurrency's price reach a “demand point” – a wedge uptrend.
“Tapping the lower end of the 100-day EMA and the ascending triangle. Come out here, and I have my eyes on $72,000.
Beyond that, the analyst has set a six-figure target for Bitcoin's price at $100,000.
Similar ambitious targets were set by another analyst, Mustache, who explained that BTC price is forming an inverse head and shoulders pattern on the daily time frame as shown in the chart below.
If confirmed, the price could increase to $87,500 in the pattern target.
Rect Capital said in June that “Bitcoin has been steadily declining”, and that the price must break out of the low trend “to start a price reversal”.
Related: ‘Buy Dip?' Bitcoin price has dropped to a new 1-month low of $64K
Meanwhile, Yodada, an anonymous analyst, said the price of the pioneer cryptocurrency showed a similar composition to that seen in the 2015-2017 cycle.
According to the following charts shared on X, the analyst explained that the currency correction is a healthy pull-back setting BTC off the back of a massive crash like the one that happened in 2017.
“A similar reversal occurred around the 2nd BTC halving. And then, we saw a big bull rally in 2017.
Daan CryptoTrades noted a high “liquidity level between $65K and $66.3K” which “could act as a magnet when price approaches it.”
According to CoinGlass data, the $64,100 bid liquid price is below the spot price, with $47 million in buy orders.
This area could provide the demand pressure needed to pull BTC out of the extended downtrend.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
