Cryptocurrency News

Bitcoin Price Closes $30K, As Predictions Show $19K Support Level

bitcoin (B T c) later moved closer to the crucial support of $30,000 on June 8 amid predictions that a major crypto correction is imminent.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$30,000. Bullocks line up for the safety of

data from Cointelegraph Bazaar Pro and trading view Shown that BTC/USD made repeated lower lows in the lower time frame during Tuesday.

Last fall gave the pair a . had taken up to $32,000 before brief rebound Then fizzled out, with that level later giving way.

At the time of writing, bitcoin’s plumbing levels have not been seen since an early May correction of $30,000, centered at $31,500.

as Cointelegraph ReportedTraders have recorded what they call a new capitulation event in cryptocurrencies, something that could reduce almost 20% of the total crypto market cap. Under such circumstances, bitcoin could trade at $25,000 in the near term.

Filbfilb, co-founder of trading suite Decenttrader, told Cointelegraph, “From a technical point of view it is difficult not to test $30k and maybe even break.”

“If this proves to be a bottom it makes sense to test the liquidity resting around 28k before a bounce. If that fails to react around prices that quickly recover the weekly support of 32k, then The outlook will be bleak.”

A look at the buying and selling positions on the largest global exchange Binance shows support lining up at $30,500, with resistance eagerly falling below $40,000.

Buy and sell positions on Binance until 8 June. Source: Content Indicators/ Twitter

$19,000 Viewed as Final Floor

Meanwhile, for on-chain monitoring service Whalemap, needed support areas for BTC/USD more broadly started at $28,000.

Analysts used “cohort-based real value”, a metric that extends the actual value of how big the wallet is, along with the prices existing hodlers bought while bitcoin hit an all-time high of $64,500. was going on.

“To conclude, there is massive confluence at the 19k level, which makes it very difficult for BTC to break below it,” he says. tweeted.

“Another level with the confluence is at 27-28k. At least one relief bounce from there means a lot.”

Nevertheless, if Bitcoin breaks below $20,000, it will be the first time in history that the high has been broken from the previous bull cycle.

Whalemap BTC/USD volume chart with support levels. Source: whalemap/twitter