Bitcoin traders eye ‘crucial’ $38K level as BTC price action consolidates higher

Bitcoin is at a crucial pivot point and a key level to watch for near term turnarounds. Having recently broken a key resistance level, we are now eyeing another key support level. If the bounce is strong enough and the price action continues to consolidate higher, we’ll likely see a short targeting of $38,000 per BTC.

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Bitcoin is rising.

Bitcoin was off to a flying start on Sunday, rising by almost 2 percent in value to $37,924 in the early hours of this morning, climbing back above the $36k mark for the first time since mid-August. While this is a solid gain and the most significant action on BTC since the beginning of the month, that is not to say Bitcoin is out of the woods just yet.

Bitcoin (BTC) traded in a higher range on Friday, and analysts watched with interest to see which critical levels would drop next. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView

Bitcoin avoids further losses… while

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD remained at $35,000 Thursday night and is yet to approach the $40,000 mark. An upward push saw the pair reach the $39,000 level before a consolidation phase began, but overall bitcoin has yet to see a decisive move up or down for extended periods. Popular trader Rekt Capital had to pay $38,000 in support. The ~$38,000 area for BTC is one to keep an eye on right now, he noted Wednesday, stressing its importance in the current consolidation cycle. BTC/USD (Coinbase) 1 day candlestick chart with consolidation highlighted. Source: Rekt Capital/Twitter word-image-2524

Altcoins lose their dominant position

Volatility has since subsided, but the general call for a significant market decline may ultimately go unanswered. According to Cointelegraph, Crypto Ed, a trader friend, was one of those who predicted a return to around $30,000 as bitcoin’s next move. On Friday, however, that seemed increasingly unlikely. Print a few HL and I’m starting to think we won’t end this leg lower, he told his followers on Twitter, while also pointing to a breakout point around $38,000 on the chart. Confirmation when we reach the yellow horizon and test again. BTC/USD prediction byCrypto Ed for the 11th. June. Source: Crypto Ed/Twitter word-image-6961 Related: The price of bitcoin has reached a level of rebound not seen since the all-time high in 2017. A review of long and short positions on the world’s largest exchange, Binance, confirmed resistance at $38,500 and $40,000 respectively. By comparison, there was no discernible support above $30,000. Binance buy and sell stalls from 11. June. Source: Material Guide/Twitter word-image-2525 In the altcoin market, the picture was even bleaker. On Friday, traders faced losses of around 4% on all major tokens, with only Amp (AMP) posting a remarkable daily gain of 17%. As a result, bitcoin’s dominance in market capitalization improved to 44% from less than 42% earlier in the week.Bitcoin has been on a major rollercoaster ride this year, and the cryptocurrency world is still waiting for the big reversal to take flight. As a result, traders are hoping for a break in the consolidation before we see Bitcoin hit the headlines again. The $38,000 level has been a point of contention for two years, and there is a lot of support for a break there. With Bitcoin still looking for a major breakout, the $38,000 level is the first major level that traders are looking at for a sign of a move.. Read more about bitcoin price prediction and let us know what you think.

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