Bitcoin News

Bitcoin price nears $30K as estimates reveal $19K support floor

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Bitcoin (BTC) edged closer to the significant $30,000 support on June 8 amid predictions that a major crypto correction was imminent.

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

Bulls line up to protect $30,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making repeated lower lows on short timeframes during June 8.

A previous dip took the pair to $32,000 before a brief rebound, with that level subsequently giving way.

At the time of writing, Bitcoin was plumbing to levels not seen since May’s initial $30,000 correction, with BTC focusing in on $31,500.

As Cointelegraph reported, traders have gone on record to predict a fresh capitulation event across cryptocurrencies, something that could shave around 20% off the total crypto market capitalization. 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, shows support lining up at $30,500, with resistance curiously thin below $40,000.

Buy and sell positions on Binance as of June 8. Source: Material Indicators/Twitter

$19,000 seen as ultimate floor

For on-chain monitoring service Whalemap, meanwhile, essential support areas for BTC/USD more broadly begin at $28,000.

Analysts used the “cohort-based realized price,” a metric that extends realized price according to how large a wallet is, along with the prices at which current hodlers bought while Bitcoin was running to its $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,” the analysts 

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