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

Bitcoin (BTC), which retested $47,000 on September 19, as the weekly close seemed to hinge on CME futures gaps, looked like it would.

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

Bitcoin comes full circle after erasing gains

Cointelegraph Markets Pro data and TradingView data showed mixed signals for BTC/USD at the end of the week.

Saturday saw a stronger rally by the pair. However, this was followed by ranging behavior in the absence of clear direction.

Michael van de Poppe, a Cointelegraph contributor, explained that “Happens quite frequently in the markets.”

Bitcoin saw a slight rally on Saturday, but it will be back to CME close Sunday. CME closed Friday at $47,490. It seems that we will also open there later today.

This could seal what was a cautiously optimistic week by hodlers. Last week’s close came in at $46,000.

An examination of the buy and sell levels on Binance revealed that there was strong resistance at $49,000. This has increased in veracity over weekend. However, buy support was still at $44,000.

BTC/USD buy-and-sell levels (Binance) as at Sept. 19. Source: Material Indicators
Copycat moves by ltcoins into weekly close

Altcoins also had a disappointing day, with the top 10 cryptocurrencies copying Bitcoin’s 2.5% daily losses.

Related: Next Stop $85K Bitcoin, Analysts Predict ‘explosive Q4 for BTC Price Action

Ethereum’s ETH lost slightly, coming in at $3,350 at time of writing — about 2% less than its position a week ago.

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

Cointelegraph reported that multiple tokens displayed bull flags during the week, including Solana (SOL).

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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