Bitcoin continues to test $30K level after Grayscale Bitcoin Trust unlocking

znm/iStock Editorial via Getty ImagesDespite Grayscale Bitcoin Trust's (GBTC) unlocking of 41K shares this month, the market price of Bitcoin (BTC-USD) appears to be holding above the crucial $30K technical level, according to contributors at The Economic Times.Since Bitcoin's mid-April peak of $65K, the price and overall interest in the cryptocurrency deteriorates; today it's down 3% towards $30K support, which has been holding firm since end-December.The largest unlocking event of the month happened yesterday when 16,240 GBTC shares became available for sale, which may result in institutional selling and share dilution.GBTC dropped 3.6% today.There is evidence indicating a strong level of support at $30K for BTC as hedge funds are cutting their heavy short positions in BTC future; meanwhile bitcoin struggles to hold in the wake of China's crypto mining crackdown in June.Hedgopia says in a tweet that "odds favor a break to the downside at some point."Hedge funds may be de-grossing their books with