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Sustained higher levels suggest that a drop to $30,000 is becoming less and less necessary to keep the bull market going.
On Friday, Bitcoin (BTC) traded in a higher range, with observers watching to see which important milestones will collapse next.
Bitcoin escapes fresh losses… for now
Data from TradingView showed BTC/USD retaining $35,000 support overnight on Thursday while so far staying clear of $40,000.
Before the consolidation period began, a surge upward had put the pair near $39,000, but Bitcoin had yet to make a definitive move up or down on longer timescales.
Rekt Capital, a well-known trader, required $38,000 to be switched to support.
“The ~$38,000 area for BTC is the one to watch right now,” he noted on Wednesday, noting its significance in the current consolidation cycle.
Altcoins lose dominance
Volatility has now subsided, but wide cries for a large market plunge may eventually go unanswered.
As previously reported, Crypto Ed, a fellow trader, is among those anticipating a recovery to approximately $30,000 as Bitcoin’s next move. On Friday, though, this appeared to be increasingly doubtful.
“Printed a couple of HL’s and starting to think we don’t complete that leg lower,” he told Twitter followers, with a chart likewise highlighting a crunch point at near $38,000.
“Confirmation when we break and retest that yellow horizontal.”
An examination of purchase and sell positions on the world’s largest exchange Binance verified resistance levels of $38,500 and $40,000. In comparison, there was no visible support much over $30,000.
The picture was even more depressing for cryptocurrency. On Friday, traders experienced losses of about 4% across major tokens, with only Amp (AMP) seeing notable daily gains of 17%.
As a result, Bitcoin’s market capitalisation domination increased as it drifted upward, reaching 44 percent from under 42 percent earlier in the week.