Cryptocurrency News

Bitcoin reaches $38K as BTC price breaks ‘line in the sand’ resistance

bitcoin (B T c) reached $38,000 on June 2 as a long-awaited bout of volatility saw a return to a key bull level.

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

The trader has a “firm belief” in the upside coming

data from Cointelegraph Bazaar Pro and trading view showed that BTC/USD finally broke the $37,500 resistance on Wednesday, reaching a local high of $38,090.

Questions were also being asked whether $30,000 would remain as support, with potential further downside in prices. $20,000 or worse.

With the latest gains, however, the mood lifted noticeably.

“Important Update: Last week I found out bearish and what are the possible scenarios… we just made a new high which means BTC is up 5 legs in this current move and opening the door for more upside is,” tweeted popular trader Crypto Ed in his own latest update that day.

“I firmly believe that we will move faster in the days to come.”

Crypto Ed was one of several traders calling for a bullish continuation for bitcoin rather than a firm cancellation of the $37,500 resistance.

That level represents a “line in the sand” for bulls, Cointelegraph Reported, and turning it into support would open the way for higher crux levels of $40,000 and $42,000.

BTC/USD Buy and Sell Orders (Binance) until 2nd June. Source: Content Indicator/Twitter

Bitcoin Should Be “Micro Bullish”

Fellow trader Rectangle Capital was cautious, arguing that the recovery required “continuous” bullish activity to avoid losses.

He highlighted a so-called “death cross” pattern on the weekly chart, indicating a downside as the two moving averages – the 50-week and 200-week – cross each other.

“There may or may not be a BTC death cross in the coming weeks. But that does not mean that BTC cannot rebound from current levels before that time,” he said. Told Twitter followers.

The move was significant for holders who saw the momentum as bitcoin failed to move above the lower end of its broader trading range with $30,000 as support.

“Indeed, a sustained bullish reaction is needed to overcome the death cross. BTC needs a micro bullish to overcome any macro bearishness.”

At the time of writing, BTC/USD is trading at around $37,800, up 3.5% over the past 24 hours.