HomeBitcoinTraders unfazed by Bitcoin's sub-$65K levels, believe BTC price is 'stable and...

Traders unfazed by Bitcoin’s sub-$65K levels, believe BTC price is ‘stable and strong’

-


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.

LATEST POSTS

5 Stocks with Bitcoin Exposure to Consider During Recent Market Turmoil

Analysis of Bitcoin Market and Top Picks for 2024 The cryptocurrency market took a hit in April after a strong rally in the previous 15...

Bitcoin Blockchain Reaches One Billion Transactions Milestone

Bitcoin Blockchain Reaches One-Billion Transaction Milestone in 15 Years The Bitcoin blockchain has achieved a significant milestone by reaching one billion transactions after 15 years...

The SEC Continues to Sue Crypto Companies

SEC Sends Wells Notice to Robinhood for Alleged Securities Violations Robinhood, the popular fintech firm known for its commission-free trading platform, is now facing legal...

Grayscale withdraws its Ethereum futures ETF application

Grayscale Withdraws Ethereum Futures ETF Application Amid SEC Delays Grayscale Withdraws Ethereum Futures ETF Application Amid SEC Delays Grayscale, a prominent crypto asset manager, has decided...

Most Popular