Bitcoin's Dip Below $65K Sparks Liquidations, but Analysts Remain Bullish

Bitcoin's price continued its downward correction on June 18, falling to a one-month low of $64,237 after breaking below the $65,000 support level. This decline triggered significant liquidations across the crypto market, with over $61 million worth of long Bitcoin positions being liquidated in the last 24 hours. Despite the short-term negativity, analysts remain optimistic about Bitcoin's recovery in the coming weeks. K33 Research highlighted the high and steady leverage in Bitcoin, suggesting continued demand. Independent analyst Jelle observed Bitcoin consolidating in an ascending wedge, with a potential bounce off the 100-day EMA and a target price of $72,000. Moustache, another analyst, identified an inverse head-and-shoulders pattern, indicating a potential price rise to $87,500. Yoddha drew parallels with the 2015-2017 cycle, suggesting this correction could lead to a major breakout. Daan Crypto Trades noted significant liquidity levels around $65K and $66.3K, which could provide the demand pressure needed to reverse the downtrend. While analysts remain bullish, it's important to remember that all investment decisions carry risk.