Bitcoin traders are focusing on a ‘crucial’ event. BTC price activity is consolidating upward near the $38K mark.

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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.

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

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.

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

Altcoins lose dominance

Volatility has now subsided, but wide cries for a large market plunge may eventually go unanswered.

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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.”

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

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.

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

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.

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