Bitcoin nears ‘crucial’ $38k range

11 Jun 2021

Bitcoin traded in a higher range on Friday, according to data from Cointelegraph Markets pro and TradingView.

BTC/USD retained $35,000 support on Thursday night, steering clear of the $40,000 mark up to now.

Before the consolidation phase got underway, a push upwards had taken BTC/USD to $39,000, Cointelegraph reports.

Yet, Bitcoin – the world’s largest cryptocurrency by market capitalisation – failed to make a significant move upwards or downwards over a longer timeframe.

According to trader, Rekt Capital, $38,000 needed to be flipped to support: "The ~$38,000 area for BTC is the one to watch right now," he said earlier this week.

Ever since, however, the volatility within the market has diminished.  

As previously reported by Cointelegraph, trader Crypto Ed forecasts Bitcoin will soon revert back to near the $30,000 level.

That said, on Friday this seemed more unlikely.

He said on Twitter: "Printed a couple of HL's and starting to think we don't complete that leg lower.

"Confirmation when we break and retest that yellow horizontal."

Moreover, according to the Binance exchange, buy and sell positions confirmed resistance at $38,500 and $40,000 respectively.

In comparison, there was minor evident support above the $30,000 level.

In terms of altcoins, traders faced losses of around 4% on Friday across most major tokens, with just AMP registering daily gains of 17%, the Cointelegraph report goes on to add.

As a result, the market cap dominance improved as it edged higher, reaching 44% from below 42% earlier in the week.