Bitcoin Defends $65K Support After $1.8B Liquidations, Key Resistance Emerges at $71.8K

Bitcoin defended the $64,000-$65,000 support zone after a sharp recent selloff liquidated over $1.8 billion in positions, according to analysis from Cryptic Trades and Lucas. The move wiped out more than 277,000 traders, predominantly affecting long positions, though buyers stepped in to prevent a deeper decline.

Cryptic Trades noted that the $65,000-$67,000 area has historically provided strong support, with the zone previously anchoring a market bottom in February. For Bitcoin to confirm a broader recovery, however, it must reclaim the 0.618 Fibonacci retracement level near $71,800, which now serves as major resistance. Funding rates have turned deeply negative, creating potential for short squeezes, yet sustained upside depends on whether spot buying continues after the leverage reset.