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: TradingViewBulls line up to protect $30,000
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