As the price of BTC breaks through the “Sand Midline” resistance level, Bitcoin reaches $38,000


Bitcoin (Bitcoin) Reached $38,000 on June 2 as the long-awaited round of volatility saw the return of the key bull market level.

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

Traders have “strong belief” about the upside coming

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD finally broke through the resistance level of 37,500 US dollars on Wednesday and continued to touch the local high of 38,090 US dollars.

Some people even questioned whether USD 30,000 will continue to serve as support, and the price may fall further 20,000 USD or worse.

However, with the recent rise, sentiment has improved significantly.

“Important update: Last week I showed the bearish pennant and the possible scenarios… We just created a new high, which means that BTC has risen by 5 legs in the current trend, and for more The rise opened the door,” popular trader Crypto Ed in his tweet Recently updated That day.

“I firmly believe that we will break through in the next few days.”

Crypto Ed is one of many traders calling for continued bullishness in Bitcoin, rather than crashing when the resistance level of $37,500 is firmly eliminated.

Cointelegraph, this level represents the “sand middle line” of the bulls Report, And flipping it to support will open the way to higher critical levels of $40,000 and $42,000 respectively.

BTC/USD buy and sell orders (Binance) as of June 2nd. Source: Material Indicators/ Twitter

Bitcoin needs “micro-watching to rise”

Trader Rekt Capital is cautious, believing that recovery requires “sustained” bullish activity to avoid failure.

He emphasized the so-called “death cross” pattern looming on the weekly chart, which sends a downward signal in the form of two moving averages-50-week and 200-week crossings.

“BTC death crosses may or may not occur in the next few weeks. But this does not mean that BTC cannot rebound from current levels before then,” he tell Twitter fans.

This move is of great significance to the hodlers, who saw the momentum failing to keep Bitcoin at the $30,000 support level above the low end of its wide trading range.

“In fact, a sustained bullish reaction is needed to make the death cross disappear. BTC needs to watch the rise slightly to eliminate any macro bearish sentiment.”

At the time of writing, the trading price of BTC/USD is approximately $37,800, which is a 3.5% increase in the past 24 hours.