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

[seje]

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

Bitcoin 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.

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.

Sustained higher levels mean a retreat to $30,000 is looking less and less essential to preserve the bull market.


https://cointelegraph.com/news/bitcoin-traders-eye-crucial-38k-level-as-btc-price-action-consolidates-higher?_ga=2.96174492.1003613916.1623415221-1368150090.1619183828