Bitcoin (Bitcoin) Approaching the important support level of USD 30,000 on June 8th, as a major cryptocurrency correction is predicted to be imminent.
Longs line up to protect $30,000
The previous drop brought the currency pair to 32,000 USD Before the short rebound, The level subsequently gave way.
At the time of writing, Bitcoin is falling to levels it has not seen since the initial $30,000 correction in May, while BTC is focusing on $31,500.
As reported by Cointelegraph, Traders have recorded the record, predicting the new surrender of cryptocurrencies, which may reduce the total market value of cryptocurrencies by about 20%. In this case, the trading price of Bitcoin in the short term may reach $25,000.
Filbfilb, the co-founder of the trading suite Decentrader, told Cointelegraph: “From a technical point of view, it’s hard not to see that $30,000 is tested and may break through.”
“If it is to prove that this is a bottom, then it makes sense to test liquidity staying around 28k before the rebound. If prices that quickly restore the weekly support at 32k do not receive a response, then the outlook will be bleak.”
Looking at the trading positions of Binance, the world’s largest exchange, it shows that the support level is at $30,500 and the resistance level is strangely thin below $40,000.
$19,000 is considered the ultimate reserve price
At the same time, for the on-chain monitoring service Whalemap, the basic support area of BTC/USD starts from 28,000 USD more widely.
Analysts used the “group-based realized price”, which is an indicator that scales the realized price based on the size of the wallet, as well as the price that current holders bought when Bitcoin reached an all-time high of $64,500.
“All in all, there is a lot of confluence at the 19k level, which makes it difficult for BTC to fall below this level,” the analyst Tweet.
“The other level of confluence is 27-28k. At least a rebound from there would make sense.”
Nevertheless, if Bitcoin falls below $20,000, this will be the first time in history that it will break through the high point of the previous bull market cycle.