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At the time of writing, Bitcoin price is $32100 (Binance). About to break the $30K level, Bitcoin is back to the $3200 level. Right now, it seems that the price of Bitcoin is now on a long-term support level.
As the price of Bitcoin nears $30K, the cryptocurrency’s market cap has exceeded $100B, and the total market cap of digital currencies has surpassed over $120B. As a result, the $70B market cap of altcoins is dramatically less of an issue than it was just a few months ago, and as the $100B market cap of Bitcoin explodes, the $19K support floor of the upcoming $30K Bitcoin price will become a reality.
On June 8, Bitcoin is trading near key support at $30,000 amid predictions that a major correction in the cryptocurrency is imminent. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Drafting bulls to protect $30,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD repeatedly hit lows on shorter time scales on Tuesday. The previous drop brought the pair to the $32,000 level, followed by a brief rebound, and this level was subsequently regained. At the time of writing, bitcoin has reached levels not seen since the $30,000 correction in May and is on its way to $31,500.
According to Cointelegraph, traders have officially announced a new cryptocurrency capitulation event that could reduce the overall cryptocurrency market by about 20%. Under these circumstances, bitcoin could trade at $25,000 in the near term. From a technical perspective, it’s hard not to see $30,000 being tested and eventually exceeded, Philbfilb, co-founder of the Decentrader trading suite, told Cointelegraph.
If this turns out to be a bottom, it would make sense to test the liquidity level around 28k before the price bounces back. Unless there is a reaction around these prices that quickly covers weekly support at 32k, the outlook will be bleak. An analysis of long and short positions on Binance, the world’s largest exchange, showed support at $30,500 and resistance, curiously, below $40,000. long and short positions on Binance of 8. June. Source: Hardware/Twitter Display
Oveall, there is strong support for Bitcoin price at $30,000 but if that is broken then the next support is little too low.
$19,000 treated as the support floor of Bitcoin price
Meanwhile, according to blockchain monitoring service Whalemap, key support areas for BTC/USD globally start at $28,000. The analysts used a cohort-based selling price, a metric that expands the selling price based on wallet size, and the prices at which current homeboys bought when bitcoin hit an all-time high of $64,500. In conclusion, there is a massive convergence on the 19k mark, so it will be very difficult for BTC to fall below this mark, they wrote on Twitter. The other level with the merger is 27-28k. At least a revival from there would make a lot of sense. If bitcoin drops below $20,000, it would be the first time in history that a previous bull cycle high has been broken. Whalemap BTC/USD volume chart with support levels. Source: Whalemap/Twitter
Bitcoin is approaching its $30K support level. This morning, a number of price indicators, including the TenX card price, the OKEX exchange rate, and the BTC/USDT exchange rate, all showed that BTC is nearing its next support level. This is a positive indicator for the price of bitcoin, since it means that the market is likely to continue moving in a bullish direction for the next few days.
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