The value of Bitcoin (BTC) continued to decline on June 18, falling by 1.41% and 6.5% over the past 24 hours and seven days, respectively. Information from Cointelegraph Markets Pro and TradingView reveals that Bitcoin dropped to $64,237, marking a one-month low, as it lost crucial support at the $65,000 level.
Additionally, the total market capitalization decreased by 2% in the last 24 hours, settling at $2.33 trillion at the time of reporting. The significant 60% surge in total trading volume indicates strong selling pressure in the cryptocurrency market.
The drop in Bitcoin below $65,000 triggered substantial liquidations across the crypto market. Coinglass data shows that long Bitcoin positions worth $61 million were liquidated in the past 24 hours, compared to short liquidations worth $24 million. Furthermore, leveraged long crypto positions worth approximately $372 million were liquidated against $61.8 million in short positions.
Despite the downward trend in the cryptocurrency sector led by Bitcoin, analysts remain hopeful about BTC’s potential recovery in the coming weeks. K33 Research analysts noted that while altcoins experienced a significant squeeze, BTC leverage remained high and stable.
An independent analyst named Jelle observed Bitcoin’s price action forming an ascending wedge pattern, suggesting a possible recovery. Jelle set a target price of $100,000 for Bitcoin, while fellow analyst Moustache pointed out an inverse head-and-shoulders pattern with a target price of $87,500.
Rekt Capital highlighted the importance of Bitcoin breaking out of its downtrend to initiate a price reversal. Meanwhile, Yoddha compared the current price correction to the 2015-2017 cycle, indicating a potential breakout for Bitcoin in the near future.
Daan Crypto Trades identified high liquidity levels at $65,000 and $66,300, suggesting these levels could act as magnets for price movements. Bid liquidity at $64,100 could provide the necessary demand to pull Bitcoin out of its prolonged downtrend.
It is important to note that this article does not offer investment advice, and readers are encouraged to conduct their own research before making any investment decisions.