Cryptocurrency News

Bitcoin Traders Eye ‘Critical’ $38K Level As BTC Price Action Is More Consolidated

bitcoin (B T c) traded in a higher range on June 11 and analysts were eager to see which key levels would fall further.

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

Bitcoin survives fresh losses… for now

data from Cointelegraph Bazaar Pro and trading view Shown that BTC/USD held the $35,000 support overnight on Thursday, while still staying away from $40,000.

A push higher took the pair to $39,000 before the consolidation phase began, but overall, Bitcoin still had a decisive move on the longer time frame.

For popular trader Rect Capital, $38,000 needs to be flipped for support.

“The ~$38,000 area is yet to be seen for BTC,” he famous Given its importance in the current consolidation cycle on Wednesday.

BTC/USD 1-day candle chart (Coinbase) with consolidation highlighted. Source: Rect Capital/Twitter

altcoin loses dominance

Since then, volatility has subsided, but broader calls for a significant market decline may eventually go unanswered.

as Cointelegraph Reported, fellow trader Crypto Ed was among those predicting a return near $30,000 as bitcoin’s next move. On Friday, however, it seemed increasingly impossible.

“Printed a couple of HL’s and started thinking we don’t lower that leg,” he Told Twitter followers, with a chart similarly highlight a crunch point at around $38,000.

“Confirmation when we break that yellow horizontal and test again.”

Crypto Ed’s BTC/USD Forecast for June 11th. Source: CryptoAd/Twitter

related: Bitcoin price reaches stock-to-flow rebound level not seen since 2017 all-time high

A look at the buying and selling conditions on the largest global exchange Binance Confirmed Resistance at $38,500 and $40,000 respectively. By comparison, there was little noticeable support above $30,000.

Buy and sell on Binance until June 11th. Source: Content Indicator/Twitter

On altcoins, the picture was more gloomy. Traders faced losses of nearly 4% across the major coin on Friday, with only the AMP posting a daily gain of 17%.

Bitcoin’s market cap dominance thus improved as it rose to 44% from 42% earlier in the week.