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

Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index”>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: TradingView

Bitcoin escapes fresh losses… for now

Data from cryptoprimacy.com/”>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.

BTC/USD 1-day candle chart (Coinbase) with consolidation highlighted. Source: Rekt Capital/Twitter

Altcoins lose dominance

Since then, volatility has waned, but broad calls for a significant market drop may ultimately go unanswered.

As Cointelegraph cryptoprimacy.com/news/bitcoin-hits-37-5k-amid-warning-thursday-will-see-next-btc-price-correction” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-hits-37-5k-amid-warning-thursday-will-see-next-btc-price-correction/amp”>reported, fellow trader Crypto Ed was among those forecasting a return to near $30,000 as Bitcoin’s next move. On Friday, however, this was looking increasingly unlikely.

“Printed a couple of HL’s and starting to think we don’t complete that leg lower,” he told Twitter followers, with a chart likewise highlighting a crunch point at near $38,000.

“Confirmation when we break and retest that yellow horizontal.”

Crypto Ed’s BTC/USD forecast as of June 11. Source: Crypto Ed/Twitter

Related: cryptoprimacy.com/news/bitcoin-price-hits-stock-to-flow-rebound-level-not-seen-since-2017-all-time-high” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-price-hits-stock-to-flow-rebound-level-not-seen-since-2017-all-time-high/amp”>Bitcoin price hits stock-to-flow rebound level not seen since 2017 all-time high

A look at buy and sell positions on largest global exchange Binance confirmed resistance at $38,500 and $40,000, respectively. By comparison, little noticeable support was in place much above $30,000. 

Buy and sell levels on Binance as of June 11. Source: Material Indicators/Twitter

On altcoins, the picture was more disheartening. 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.