As the BTC price trend consolidates and rises, Bitcoin traders pay attention to the “critical” $38,000 level

Bitcoin (Bitcoin) Trading in a higher range on Friday, analysts are keen to observe which key levels will fall to next.

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

Bitcoin avoids new losses…now

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD maintained a support level of 35,000 US dollars overnight on Thursday, and has remained above 40,000 US dollars so far.

Before the start of the integration phase, the currency pair has been pushed up to $39,000, but overall, Bitcoin has not yet made a decisive rise or fall in a longer time frame.

For the popular trader Rekt Capital, $38,000 needs to be flipped to get support.

“The area of ​​about 38,000 USD in BTC is an area worth paying attention to right now,” he said famous On Wednesday, note its importance in the current integration cycle.

BTC/USD 1-day candlestick chart (Coinbase) highlights the integration.Source: Rekt Capital/Twitter

Altcoins lose their dominance

Since then, volatility has diminished, but widespread calls for a sharp drop in the market may eventually go unanswered.

As Cointelegraph Report, Trader Crypto Ed is one of the people who predicted that Bitcoin will return to nearly $30,000 in the next move. However, on Friday, this seems increasingly impossible.

“I printed a few HL and started to think we hadn’t finished lowering that leg,” he tell Twitter followers, the chart also highlights the key points close to $38,000.

“Confirm when we break and retest the yellow horizontal line.”

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

related: Bitcoin price hits all-time high since 2017

Take a look at the trading positions of Binance, the world’s largest exchange comfirmed The resistance levels are 38,500 USD and 40,000 USD respectively. In contrast, there is almost no obvious support for places well above $30,000.

As of June 11, Binance’s trading level. Source: Material Indicators/Twitter

On altcoins, the situation is even more frustrating. Traders face a loss of about 4% in the main tokens on Friday, and only Amp (AMP) has a daily gain of 17%.

As a result, Bitcoin’s market value dominance has improved as it rises, reaching 44% from less than 42% earlier this week.