Bitcoin’s price (BTC) approached significant support at $ 30,000 on June 8, as a large price correction was predicted to be imminent.
Cops line up to protect the $ 30,000 level
Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair made repeated lower lows for short periods of time on Tuesday.
An earlier decline had taken the pair to $ 32,000 before a brief rally and then fizzled out, and that level has since declined.
At the time of this writing, Bitcoin hadn’t seen since the initial $ 30,000 correction in May and was focused at $ 31,500.
As Cointelegraph reported, traders have officially recorded a new surrender event among cryptocurrencies that could reduce about 20% of total cryptocurrency market capitalization. Under such circumstances, Bitcoin could trade at $ 25,000 in the short term.
“From a technical standpoint, it’s hard not to see the $ 30,000 level being tested and likely breached,” Filbfilb, co-founder of the Decentrader suite of operations, told Cointelegraph.
“If this turns out to be a low point, it would make sense to test the liquidity, which rests at 28,000 before it bounces off. If there is no reaction to prices quickly regaining weekly support of 32,000, the outlook is gloomy. “
A look at buy and sell positions on the largest global exchange, Binance, showed the support queued at $ 30,500, with an oddly thin resistance below $ 40,000.
$ 19,000 is the final floor
Meanwhile, for the on-chain monitoring service Whalemap, major areas of support for the BTC / USD pair started at $ 28,000 overall.
Analysts used “cohort-based realized price,” a metric that scales realized price based on wallet size, along with the prices current Hodlers bought at while Bitcoin hit an all-time high of $ 64,500.
“To sum up, there is a massive confluence at the $ 19,000 level making it very difficult for BTC to fall under,” he said. they tweeted.
“Another confluence level is $ 27-28,000. At least relief from there would be very useful.”
However, if Bitcoin falls below $ 20,000, it would be the first time in history to break the high of an earlier bull cycle.