Bitcoin traders see the “crucial” level of $ 38,000 as the BTC price action consolidates higher

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Bitcoin (BTC) was trading in a higher range on Friday, with analysts excited to see which critical levels would fall next.

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

Bitcoin escapes new losses … for now

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

A spike had taken the pair to $ 39,000 before the consolidation phase began, but overall, Bitcoin had yet to make a decisive upward or downward move over longer periods of time.

The popular trader Rekt Capital had to turn over $ 38,000 in support.

“The ~ $ 38,000 area for BTC is the one to watch for now,” he said noticed on Wednesday, pointing to its importance in the current consolidation cycle.

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

Altcoins are losing dominance

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

As Cointelegraph reported, fellow trading company Crypto Ed was among those who forecast Bitcoin to return to nearly $ 30,000 as the next move. On Friday, however, this looked increasingly unlikely.

“I’ve printed a couple of HLs and I think we’re not closing the leg at the bottom,” he said told Twitter followers, with a chart that also highlights a crunch point near $ 38,000.

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

Crypto Ed’s BTC / USD forecast as of June 11th. Source: Crypto Ed / Twitter

Related: Bitcoin price hits stock-to-flow rebound levels not seen since 2017 all-time high

A look at buy and sell positions on the largest global exchange, Binance Approved Resistance at $ 38,500 and $ 40,000 respectively. By comparison, there was barely noticeable support at well over $ 30,000.

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

With altcoins, the picture was more daunting. Traders faced losses of around 4% on major tokens on Friday, with only Amp (AMP) posting noticeable daily gains of 17%.

Bitcoin’s market cap dominance therefore improved as it drifted up, reaching 44% from less than 42% at the start of the week.