Bitcoin is facing a decline below $30 thousand

After reaching a new annual high on Friday at $31,415, the bitcoin exchange rate adjusted slightly over the weekend and continues to remain under pressure on Monday. The cryptocurrency was again approaching the level of $30 thousand and is currently trading at $30,462.

It should be noted that the growth of bitcoin and the cryptocurrency market as a whole last week was stimulated by applications for registration of bitcoin ETFs from such large financial companies as BlackRock, Wisdom Tree and Invesco.

However, after the initial euphoria associated with the hopes of approval of these applications by the SEC, the market began to have doubts about the success of this campaign. The fact is that now the position of the regulator in relation to the crypto industry is extremely hostile, and if the applications are still approved, it will call into question the reputation and credibility of the SEC.

In other words, crypto traders are starting to consider the possibility of disappointment if the SEC rejects recent applications for bitcoin ETFs.

In addition, multiple economic events and speeches by representatives of central banks will have an impact on the cryptocurrency market in the last week of June. 

From a technical point of view, the return of bitcoin below the main psychological level of $30,000 will signal a further «bearish» trend. In this case, the support levels around $29,000, and then the area between the 100-day moving average at $27,900 and the $28,000 level, will be the key levels to pay attention to.

On the other hand, the $31,000 level and the annual maximum at $31,400 form the first significant resistance zone for bitcoin.