The cryptocurrency market has been thrown into turmoil as Bitcoin's price briefly dropped below $65,000, sparking widespread liquidations. The flagship cryptocurrency's value fell to as low as $64,000 in the early Asian session on Tuesday before stabilizing at around $65,600 during the London session. This sudden price swing has resulted in a massive $464 million in liquidations, with long traders bearing the brunt of the losses.

The recent outflows from US-based spot Bitcoin ETFs have further fueled the fire, increasing overall crypto fear and contributing to the ongoing altcoin selloff. According to market data, US spot Bitcoin ETFs registered a total cash outflow of $145 million on Monday, with Fidelity's FBTC and Ark's ARKB being the largest losers. This significant decline in spot Bitcoin cash inflows has led most traders to turn bearish in the short term.

From a technical standpoint, Bitcoin's price is likely to continue its bearish outlook unless bulls regain control. The price could find solid support between $57,000 and $61,000 in case of further capitulation. However, some analysts believe the bottom for the ongoing Bitcoin correction is likely in, and a market rebound will happen in the near term. For this to happen, Bitcoin's price must consistently close above $67,000 in the near term.

The increased negative crowd sentiments on the altcoin industry could provide patient traders with an opportunity to buy the dip in preparation for an inevitable parabolic rally. Moreover, the listing of spot Ether ETFs in the United States, expected in July, has increased the number of unique addresses in the Ethereum ecosystem. This could ultimately trigger the highly anticipated Altseason, which will be marked by a reversal in Bitcoin dominance.

In conclusion, the recent price drop and subsequent liquidations have highlighted the volatility of the cryptocurrency market. While some traders have turned bearish, others see this as an opportunity to buy the dip and prepare for an eventual market rebound. As the market continues to fluctuate, traders are advised to remain vigilant and adapt their strategies accordingly.