Bitcoin traders are watching the “crucial” level of $ 38,000 as BTC price action consolidates bullishly

Bitcoin (BTC) traded higher on Friday, with analysts excited to see which critical levels would fall next.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Bitcoin escapes further losses … for now

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair held the $ 35,000 support overnight on Thursday, while staying away from $ 40,000 so far.

A bullish surge had brought the pair to $ 39,000 before the consolidation phase began., but overall, Bitcoin still had to make a decisive up or down movement over extended periods of time.

Bitcoin traders are watching the “crucial” level of $ 38,000 as BTC price action consolidates bullishly
Bitcoin traders are watching the “crucial” level of $ 38,000 as BTC price action consolidates bullishly

For the popular retailer Rekt Capital, it was necessary to exceed $ 38,000 to secure it.

“The ~ $ 38,000 range for BTC is the one to watch out for right now”,TO pointed out├é on Wednesday, indicating its importance in the current consolidation cycle.

BTC / USD (Coinbase) daily candlestick chart with consolidation highlighted. Source: Rekt Capital / Twitter

Altcoins are losing dominance

Since then, volatility has subsided, but general calls for a significant market downturn may ultimately go unnoticed..

As Cointelegraph reported, his colleague Crypto Ed was among those who predicted a return of nearly $ 30,000 as the next step on Bitcoin. On Friday, however that seemed increasingly unlikely.

“I’ve printed a few HLs and I’m starting to think we won’t finish this section all the way down.”, him He said to his Twitter followers, with a chart also highlighting a breakpoint near $ 38,000.

“Confirmation when we collapse this yellow horizontal and test again.”

Crypto Ed forecast for the BTC / USD pair as of June 11th. Source: Crypto Ed / Twitter

A look at buy and sell positions on the world’s leading exchange, Binance┬« Approved the resistance at $ 38,500 and $ 40,000, respectivelyBy comparison, there was barely any noteworthy support well above $ 30,000.

Buy and sell levels on Binance from June 11th. Source: Material Indicators / Twitter

For altcoins, the outlook was bleak. Traders saw losses of around 4% on major tokens on Friday, with only Amp (AMP) posting notable daily gains of 17%.

Bitcoin’s market capitalization improved as it increased, reaching 44% from less than 42% at the beginning of the week.

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