Bitcoin (BTC) traded in a higher range on Friday, with analysts keen to see which critical levels would fall next.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin escapes fresh losses… for now
A push higher had taken the pair to $39,000 before the consolidation phase began, but overall, Bitcoin was yet to make a decisive move up or down on longer timeframes.
For popular 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 noted on Wednesday, noting its significance in the current consolidation cycle.
BTC/USD 1-day candle chart (Coinbase) with consolidation highlighted. Source: Rekt Capital/TwitterAltcoins lose dominance
Since then, volatility has waned, but broad calls for a significant market drop may ultimately go unanswered.
As Cointelegraph reported, fellow trader Crypto Ed was among those forecasting a return to near $30,000 as Bitcoin’s