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BTC price falls back to $47K as weekly close neatly tracks Bitcoin futures gap

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BTC price falls back to $47K as weekly close neatly tracks Bitcoin futures gap. Bitcoin purchasers have made a little weekly gain, as Saturday’s gains are reversed the next day, bringing them back to square one.

On September 19, Bitcoin (BTC) retested $47,000 as the weekly closure appeared to be predicated on the CME futures gap.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin comes full circle after erasing gains

As the week came to a conclusion, BTC/USD data offered conflicting indications. On the other hand, the pair experienced a stronger rise on Saturday, which was followed by range behaviour in the absence of obvious direction.

“It happens a lot in the markets,” Michal van de Poppe said.

“Slight rally on Saturday for Bitcoin, coming back down to CME close on Sunday. CME closed at $47,490 on Friday, seems to be that we’re going to open there too later today.”

The closing price of Bitcoin futures may therefore cap off a cautiously hopeful week for hodlers, with last week’s close hovering around $46,000.

In the meanwhile, a glance at buy and sell levels on major exchange Binance found significant resistance near $49,000, which has grown in strength over the weekend. Buy support, on the other hand, was still at $44,000.

BTC/USD buy and sell levels (Binance) as of Sept. 19. Source: Material Indicators

Altcoins stage copycat moves into weekly close

Altcoins had a similar day, with the top 10 cryptocurrencies losing about 2.5% on the day, mirroring Bitcoin’s daily losses.

Ethereum’s ETH fell a little more, hovering at $3,350 at the time of publishing, around 2% lower than it was a week ago.

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Nonetheless, throughout the course of the week, a number of tokens, including Solana, displayed red flags (SOL).

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