Bitcoin’s $66.9K price holds strong, casts doubts on a ‘deep correction’

Despite ongoing speculation about Bitcoin’s next potential “deep correction,” some cryptocurrency analysts disagree on its likelihood.

Bitcoin’s (BTC) price has cemented its position slightly above its key support level of $65,000, and crypto traders believe that its formation is holding strong. Some are even doubting the speculations of a deep correction in the near future.

“Bitcoin is holding up the price so strongly that I don’t think there will be a deep correction,” pseudonymous crypto trader Yoddha told his 49,000 X followers on May 18.

Meanwhile, pseudonymous crypto trader Rekt Capital pointed out that the significant correction event has already happened, with Bitcoin’s price falling by 15% from $66,421 on April 24 to $56,792 on May 2, as per CoinMarketCap data.

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