Bitcoin (BTC) moved closer to the significant $30.000 support on June 8 amid predictions that a major crypto correction was imminent.

In this article, we will discuss:
Bulls line up to protect $30.000
Data showed BTC/USD making repeated lower lows in short periods of time during June 8th.
A previous dip took the pair to $32.000 before a brief rally, with that level subsequently relenting.
As of this writing, Bitcoin was hitting levels not seen since the initial $30.000 fix in May, with BTC focusing on $31.500.
Traders forecast a new capitulation event in cryptocurrencies, something that could reduce as much as 20% of the total market capitalization of crypto. Under such circumstances, Bitcoin could trade at $25.000 in the short term.
“From a technical standpoint, it's hard not to see $30 being tested and likely breaking down,” said Filbfilb, co-founder of the Decentrader business suite.
“If this proves to be a fund, it would make sense to test liquidity around 28 before jumping. If there is no response around these prices that quickly regains the weekly support of 32, then the outlook will be bleak.”
A look at long and short positions on the biggest global exchange, Binance, shows support aligned at $30.500, with resistance curiously narrow below $40.000.

$19.000 seen as the final floor
Meanwhile, for the on-chain monitoring service Whalemap, the essential support areas for BTC/USD start at $28.000.
Analysts used “cohort-based realized price,” a metric that extends realized price according to wallet size, along with the prices at which current buyers bought while Bitcoin was peaking at $64.500.
“To conclude, there is massive confluence at the 19k level that makes it super hard for BTC to go lower than that,” the analysts tweeted.
“Another level with confluence is 27-28k. At least a relief jump from there would make a lot of sense.”
However, if Bitcoin drops below $20.000, it will be the first time in history that the high of a previous bull cycle will be broken.
