Bitcoin (BTC) approached significant support of $ 30,000 on June 8, amid predictions that a major crypto correction was imminent.
Cops line up to protect $ 30,000
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD repeatedly hit lower lows in brief periods of time on June 8th.
A previous decline brought the pair to $ 32,000 before a brief rebound and that level subsequently fell.
At the time of writing, Bitcoin had dropped to levels not seen since the initial correction of $ 30,000 in May, with BTC centered at $ 31,500.
As Cointelegraph reported, traders have predicted a new surrender event in all cryptocurrencies, which could save about 20% of the total crypto market cap. In such circumstances, Bitcoin could trade at $ 25,000 in the short term.
“From a technical point of view, it’s hard not to see that $ 30,000 is being tested and is likely to break,” Filbfilb, co-founder of the Decentrader trading suite, told Cointelegraph.
“If this is to prove to be a low point, it would make sense to test liquidity at 28k before it bounces. If there is no reaction around those prices that are quickly regaining weekly support of 32k, then the outlook is bleak.”
A look at buy and sell positions on the largest global exchange, Binance, shows that support is at $ 30,500, with resistance being strangely thin below $ 40,000.
$ 19,000 is considered the ultimate floor
For the on-chain monitoring service Whalemap, the major areas of support for BTC / USD generally start at $ 28,000.
Analysts used “cohort-based realized price,” a metric that expands realized price to match the size of a wallet, along with the prices current Hodlers bought at while Bitcoin hit its all-time high of $ 64,500.
“To sum up, there is a massive confluence at the 19,000 level that makes it very difficult for BTC to fall under,” the analysts tweeted.
“Another level with confluence is 27-28k. At least a relief jump from there would make a lot of sense.”
However, should Bitcoin fall below $ 20,000, it would be the first time in history that the high from a previous bull cycle has been broken.