Bitcoin (BTC) dipped below its weekly low on Friday, falling to $65,600 after reaching record highs. Analysts remain optimistic, viewing this as a typical price adjustment within a bullish trend.

One analyst, On-Chain College, highlights that a 10% price retracement is standard during bull markets, compared to potential corrections exceeding 30%. With most Bitcoin supply held in unrealized profit following the recent surge, they describe the dip as "very normal bull market behavior."

The potential depth of the correction is being debated. Trader Credible Crypto suggests a bounce or reversal might occur near $64,000 due to significant drops in open interest.

Another trader, Jelle, compares the current pullback to historical trends, noting an average 20% decline for major Bitcoin corrections. This could bring the price down to $58,000. Despite the surprise, Jelle remains optimistic about future price increases but advises caution for potential further dips.

The price drop triggered over $800 million in liquidations, with leveraged long positions being heavily impacted. CoinGlass data shows that long and short traders lost over $810 million across major exchanges in the last 24 hours.

Interestingly, analyst Skew observes minimal short selling, suggesting the price decline is driven by spot selling and long position liquidation. They note the absence of "panic shorting," indicating potential price rebounds due to profit-taking hedges.

Overall, while the recent price dip caused some jitters, analysts view it as a normal market correction within a broader bullish trend.