bitcoin (B T c) traded in a higher range on June 11 and analysts were eager to see which key levels would fall further.
Bitcoin survives fresh losses… for now
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.
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.”
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.
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.