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

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


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

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.

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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

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