Bitcoin price experienced a significant drop by over 6% in the last 24 hours, falling below $65,000 for the first time since March 24. There are concerns that if the price does not stay above the $65,600 weekly range low, more losses could be on the way. This drop in price has led to the liquidation of over $249 million worth of long leveraged positions across all exchanges if Bitcoin were to fall to the $65,000 mark.

Popular crypto analyst Rekt Capital suggests that as Bitcoin approaches the halving, its price momentum will continue to slow down. Additionally, the Relative Strength Index (RSI) indicator has fallen to 48 on the daily timeframe, indicating that Bitcoin is no longer overbought.

The recent correction in Bitcoin's price can be attributed to newcomers entering the market following the approval of the United States' spot Bitcoin exchange-traded funds (ETFs). As Bitcoin surpassed $40,000 and reached $65,000 within 60 days, many new investors may consider taking profits.

Over $152.5 million worth of leveraged Bitcoin positions were liquidated in the past 24 hours, with over $109 million coming from long positions. Furthermore, the dormant Bitcoin supply has been reawakened, with Long-Term Holder supply declining while Short-Term Holder supply has increased.

Ultimately, investors and traders should be cautious of the current Bitcoin market conditions and ensure that they conduct their own research before making any investment decisions.