Bitcoin Price Correction Continues: Drops to One-Month Low of $64,237
Bitcoin’s price correction continues as it drops to one-month low
Bitcoin (BTC) has been on a downward trend, with its price dropping 1.41% in the last 24 hours and 6.5% over the past seven days. The cryptocurrency fell to a one-month low of $64,237 after losing support at the $65,000 level.
The total market capitalization has also decreased by 2% to $2.33 trillion, with a 60% increase in trading volume indicating strong selling pressure in the crypto market.
Massive liquidations have been seen across the market, with $61 million worth of long Bitcoin positions liquidated in the last 24 hours compared to $24 million in short liquidations. Leveraged long crypto positions worth $372 million were liquidated against $61.8 million in short positions.
Despite the bearish momentum, analysts remain optimistic about Bitcoin’s recovery in the coming weeks. K33 Research analysts noted that while altcoins are facing pressure, BTC leverage remains high and steady.
Technical analysis suggests that Bitcoin is consolidating in an ascending wedge pattern, with analysts eyeing a bounce at the $72,000 level. Some analysts have set ambitious price targets for Bitcoin, with one predicting a rise to $100,000.
Overall, experts believe that the current correction in Bitcoin’s price is a healthy pullback setting the stage for a potential breakout to the upside, similar to what was seen in the 2017 cycle. Traders are closely watching key support levels and liquidity areas to gauge the cryptocurrency’s next move.
