Bitcoin experienced a continued decline in price on June 18, with a decrease of 1.41% and 6.5% over the past 24 hours and seven days, respectively. Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin dropped to a one-month low of $64,237 after losing support at the $65,000 level.
The total market capitalization also saw a 2% decrease over the last 24 hours, settling at $2.33 trillion at the time of writing. The significant increase in trading volume by 60% indicated a strong selling pressure in the crypto market.
The drop in Bitcoin’s price below $65,000 led to a large number of liquidations across the crypto market. Data from Coinglass showed that in the past 24 hours, $61 million in long Bitcoin positions were liquidated compared to $24 million in short liquidations. Additionally, approximately $372 million in leveraged long crypto positions were liquidated, with $61.8 million in short positions.
Despite the negative market momentum, analysts remain optimistic about Bitcoin’s recovery in the coming weeks. K33 Research analysts noted that while altcoins experienced significant selling pressure, Bitcoin’s leverage remained high and stable. They highlighted Bitcoin’s price action consolidating in an ascending wedge pattern, indicating a potential recovery.
Analysts like Jelle and Moustache set ambitious price targets for Bitcoin, with Jelle predicting a six-figure price of $100,000 and Moustache suggesting a target of $87,500 based on an inverse head-and-shoulders pattern. Rekt Capital emphasized the need for Bitcoin to break out of its downtrend to initiate a price reversal.
Pseudonymous analyst Yoddha compared the current market setup to the 2015-2017 cycle, suggesting that the current correction could lead to a massive breakout similar to what happened in 2017. Daan Crypto Trades also noted high liquidity levels at key price levels, which could act as a magnet for price movements.
Overall, while the market faces challenges, there is optimism for Bitcoin’s potential recovery in the near future. It is essential for investors to conduct their own research and exercise caution when making investment decisions.