Bitcoin Price Correction: Is $64K Support at Risk?

Bitcoin's (BTC) price may be headed for a further correction, potentially dipping below $64,000 before the current bull cycle's "parabolic phase" begins. Crypto analyst Rekt Capital points to price clusters near the $71,600 resistance level as a sign of potential downside. This would mark a significant correction from Bitcoin's recent high of $71,949.

Technical indicators suggest Bitcoin may need to cool down before resuming its upward momentum. The monthly chart shows a potential fall below $60,000, and the relative strength index (RSI) indicates the asset could be at fair value or even oversold. Bitcoin's realized price for short-term holders (STHs) suggests potential support around the $62,200 mark.

Liquidation levels highlight significant support at $64,500, where over $520 million in leveraged long positions could be liquidated if the price drops below this level. While Bitcoin faces potential downside, the overall market sentiment remains positive, suggesting a potential return to the bullish trend after a correction.