cointelegraph.com
Bitcoin ($BTC) edged closer to significant $30,000 support later on June 8 amid predictions that a major crypto correction was imminent.
Bulls get in line to protect $30,000
Data from Cointelegraph Markets Pro and TradingView showed $BTC/USD making repeated lower lows on short timeframes during Tuesday.
A previous dip had taken the pair to $32,000 before a brief rebound then fizzled, with that level subsequently giving way.
At the time of writing, Bitcoin was plumbing levels not seen since May's initial $30,000 correction, focusing on $31,500.
As Cointelegraph reported, traders have gone on record to call a fresh capitulation event across cryptocurrencies, something which could shave around 20% off the total crypto market cap. Under such circumstances, Bitcoin could trade at $25,000 in the short term.
"From a technical point of view its difficult not to see $30k being tested and probably break," Filbfilb, co-founder of trading suite Decentrader, told Cointelegraph.
"If this is to prove to be a bottom it would make sense to test the liquidity resting around 28k before bouncing. If there fails to be a response around those prices which quickly recovers weekly support of 32k, then the outlook will be bleak."
A look at buy and sell positions on largest global exchange Binance showed support lining up at $30,500, with resistance curiously thin below $40,000.
$19,000 seen as ultimate floor
For on-chain monitoring service Whalemap, meanwhile, essential support areas for $BTC/USD more broadly began at $28,000.
Analysts used "cohort-based realized price," a metric that extends realized price according to how large the wallet is, along with prices at which current hodlers bought while Bitcoin was running to $64,500 all-time highs.
"To conclude, there is massive confluence at the 19k level which makes it super hard for $BTC to go lower than that," they tweeted.
"Another level with confluence is at 27-28k. At least a relief bounce from there would make a lot of sense."
Nonetheless, should Bitcoin go below $20,000, it would be the first time in history that the high from a previous bull cycle had been broken.
