Bitcoin (BTC) price continued to adjust on June 18, falling 1.41% and 6.5% over the past 24 hours and 7 days, respectively.
Bitcoin (BTC) fell to a one-month low of $64,237 after losing key support provided at the psychological $65,000 level, according to data from Cointelegraph Markets Pro and TradingView.
Likewise, the overall market capitalization fell 2% in the last 24 hours, remaining at $2.33 trillion at the time of publication. The 60% increase in total trading volume demonstrates the strength of the sell side of the cryptocurrency market.
Bitcoin fell below $65,000, causing massive liquidations across cryptocurrency markets.
Data from Coinglass shows that in the last 24 hours, $61 million worth of Bitcoin long positions were liquidated compared to $24 million worth of short positions liquidated.
Approximately $372 million of leveraged cryptocurrency long positions were liquidated in 24 hours against $61.8 million of short positions.
Despite this lackluster momentum across the entire cryptocurrency sector, led by Bitcoin, analysts remain optimistic about BTC’s recovery in the coming weeks.
“Although altcoins face significant long-term pressure, BTC leverage remains high and stable,” K33 Research analysts wrote in a report published on June 18.
Analyst sentiment appears to have been influenced by “mild and choppy” price action as Bitcoin consolidated on the ascendant, as observed by independent analyst Jelle.
Jelle shared the following chart from X’s post on June 18, which shows BTC price rising in a rising wedge. According to analysts, the recent decline has pushed the price of the pioneering cryptocurrency into a “zone of concern”, i.e. a wedge-shaped upward trend line.
“Tap the 100-day EMA and the bottom of the ascending triangle. come here. My eyes are on $72,000.”
In addition to that, the analyst has set a six-figure target for Bitcoin price at $100,000.
A similarly ambitious target was set by fellow analyst Mustache. Mustache explained that the BTC price is forming an inverse head and shoulders pattern over the daily period, as seen in the picture below.
If confirmed, the price could rise to the pattern’s target of $87,500.
“Bitcoin has been in a sustained decline throughout June,” Rekt Capital said, adding that the price would need to break out of the downtrend to “start a price reversal.”
Related: ‘Buying dip?’ Bitcoin price fell to $64,000, the lowest in one month.
Meanwhile, anonymous analyst Yodha said the price of the pioneering cryptocurrency showed a similar setup to that witnessed during the 2015-2017 cycle.
According to the following chart shared by
“A similar decline occurred around the second BTC halving. And then we saw a huge rally in 2017.”
Daan Crypto Trades discovered “high liquidity levels near $65,000 and $66,300,” which it explained could “act as a magnet when prices trade close to this.”
According to CoinGlass data, $64,100 is an area of significant bid liquidity, just below the spot price, with buy orders of around $47 million.
This area could provide the demand pressure needed to pull BTC out of its extended downtrend.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.