Bitcoin traders eye ‘crucial’ $38K level as BTC price action consolidates higher
June 11, 2021. Summarized by summa-bot.
Compression ratio: 45.1%. 1 min read.
Bitcoin at higher levels makes a BTC price dip to $30,000 less likely by the day.
Bitcoin (BTC) traded in a higher range on Friday, with analysts keen to see which critical levels would fall next.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retaining $35,000 support overnight on Thursday while so far staying clear of $40,000.
“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.
As Cointelegraph reported, fellow trader Crypto Ed was among those forecasting a return to near $30,000 as Bitcoin’s next move.
Traders were faced with losses of around 4% across major tokens on Friday, with only Amp (AMP) positing noticeable daily gains of 17%.
Bitcoin’s market capitalization dominance thus improved as it drifted higher, hitting 44% from under 42% earlier in the week.