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