Fun

Traders unbothered by Bitcoin’s sub-$65K levels, say BTC price remains ‘high and steady’

News Feed - 2024-06-19 04:06:00

Nancy Lubale5 hours agoTraders unbothered by Bitcoin’s sub-$65K levels, say BTC price remains ‘high and steady’Bitcoin price requires high demand-side pressure to push the BTC out of an extended correction.3937 Total views8 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin’s (BTC) price continued its correction on June 18, dropping 1.41% and 6.5% over the last 24 hours and seven days, respectively. 


Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin (BTC) dropped to a one-month low of $64,237 after losing the key support provided by the psychological $65,000 level.BTC/USD daily chart. Source:TradingView


Similarly, the total market capitalization has dropped by 2% over the last 24 hours to rest at $2.33 trillion at the time of publication. The 60% leap in the total trading volume is testimony to the sell-side intensity in the crypto market.


Bitcoin’s drop below $65,000 has led to massive liquidations across the crypto market.


Data from Coinglass shows that over the last 24 hours, $61 million worth of long Bitcoin positions have been liquidated against $24 million worth of short liquidations.


Approximately $372 million of leveraged long crypto positions were liquidated in the 24 hours against $61.8 million short positions.BTC liquidations across all crypto exchanges. Source: Coinglass


Despite this poor momentum across the entire crypto sector led by Bitcoin, analysts are still optimistic about BTC’s recovery in the next few weeks.


“While altcoins have faced a significant long squeeze, BTC leverage remains high and steady,” K33 Research analysts wrote in a report published on June 18.


The analysts’ sentiments appear to have been informed by Bitcoin’s “mild and choppy” price action as it consolidates in an ascending wedge, as observed by independent analyst Jelle.


Jelle shared the following chart in a June 18 post on X, showing the BTC price coiling up in an ascending wedge. According to the analyst, the latest drop has seen the price of the pioneer cryptocurrency reach an “area of interest” – the wedge’s ascending trendline.“Tapping the 100-day EMA and lower end of the ascending triangle. Bounce here, and my eyes are on $72,000.”BTC/USD daily chart. Source:Jelle


Above that, the analyst sets a six-figure target for Bitcoin’s price at $100,000.


Similar ambitious targets were set by fellow analyst Moustache, who explained that the BTC price was forming an inverse head-and-shoulders pattern during the daily timeframe, as shown in the figure below.


If confirmed, the price could rise with the pattern’s target of $87,500.Source:Moustache


Rekt Capital said that “Bitcoin has been in a constant downtrend” throughout June, adding that the price needs to break out of the downtrend to “initiate a price reversal.”


Related:‘Buy the dip?’ Bitcoin price drops to new 1-month lows of $64K


Meanwhile, pseudonymous analyst Yoddha said that the price of the pioneer cryptocurrency displayed a similar setup to that witnessed during the 2015-2017 cycle.


According to the following charts shared on X, the analyst explained that the currency correction is just a healthy pull-back setting up BTC from a massive breakout on the upside, as it happened in 2017.“A similar pullback happened around the 2nd BTC halving. And next, we saw a huge bull rally in 2017.”BTC price action 2023 and 2017. Source:Yoddha


Daan Crypto Trades noticed a high “liquidity level at $65K and $66.3K,” which he explained could “act as a magnet when price trades close to it.”


CoinGlass data indicates that $64,100 is a significant area of bid liquidity just below the spot price, with about $47 million in buy orders.Bitcoin liquidation heatmap. Source: CoinGlass


This area could provide the demand pressure required to pull BTC out of the extended downtrend.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Markets# Price Analysis# Market UpdateAdd reaction

News Feed

Nigerian CBDC Still Not Widely Used a Year After Launch
Nigerian CBDC Still Not Widely Used a Year After Launch On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more resid
Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials
Russia Adopts Law Allowing State to Seize Illegal Funds, Digital Assets From Officials The State Duma of Russia, the lower house of parliament, has passed a law permitting law enfo
China Seizes the Blockchain Opportunity. How Should the US Respond?
Michael J. Casey is CoinDesk’s chief content officer and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appe
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions
Russia and Cuba Eye Cryptocurrencies for Settlements Amid Sanctions Both facing sanctions, Russia and Cuba are looking into alternative options for cross-border payments, including
SEC pushes deadline on VanEck spot Ether ETF application
Turner Wright4 hours agoSEC pushes deadline on VanEck spot Ether ETF applicationThe commission"s delay on VanEck’s application to May 23 opened the proposal to public comment.2777 Total views1 Total sharesListen to art
Insurance Company Sued for Refusing to Cover $7.5 Million Bitcoin Ransom Payment
Insurance Company Sued for Refusing to Cover $7.5 Million Bitcoin Ransom Payment A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of
xSigma DEX Launch: More Than $100M in Liquidity Pooled on First Day
xSigma DEX Launch: More Than $100M in Liquidity Pooled on First Day press release PRESS RELEASE. xSigma, a decentralized exchange for stablecoin swaps, has succes
Ethereum ETF process is ‘going smoothly,’ says SEC’s Gensler
Jesse Coghlan2 hours agoEthereum ETF process is ‘going smoothly,’ says SEC’s GenslerSEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be
Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will ‘End in Tears’
Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will "End in Tears" A Kenyan insurance executive, Julius Kipng’etich has
Argentinian Province Misiones Plans to Issue Its Own Stablecoin
Argentinian Province Misiones Plans to Issue Its Own Stablecoin The Argentinian province of Misiones plans to issue its own stablecoin in the future. This is one
Ana Paula Pereira7 hours agoRon DeSantis vows to ban CDBCs in the US if elected presidentSpeaking at the Family Leadership Summit on July 14, DeSantis promised to ban CBDCs in the United States if he is elected president
CMT-Certified Expert Explains Why Bitcoin May Not Reach Past Extremes On Indicators
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu