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

It’s a modest weekly gain for Bitcoin buyers as Saturday’s progress comes full circle back to square one the next day.

Bitcoin (BTC) retested $47,000 on Sept. 19 as the weekly close looked set to hinge on the CME futures gap.

Bitcoin comes full circle after erasing gains

Data from Cointelegraph Markets Pro and TradingView showed mixed signals from BTC/USD as the week drew to a close.

Saturday had seen a stronger rally from the pair, which subsequently gave way to ranging behavior amid an absence of clear direction.

“Happens quite often in the markets,” Cointelegraph contributor Michaël van de Poppe explained.

“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 Bitcoin futures closing price could thus seal what has been a cautiously optimistic week for hodlers, with last week’s close coming in at closer to $46,000.

A look at buy and sell levels on major exchange Binance meanwhile revealed strong resistance at $49,000, this having increased in veracity over the weekend. Buy support, by contrast, still stood at $44,000.

Altcoins stage copycat moves into weekly close

It was a similarly lackluster day for altcoins, with the top ten cryptocurrencies copying Bitcoin’s roughly 2.5% daily losses.

Related: Next stop $85K for Bitcoin as analysts predict ‘explosive’ Q4 for BTC price action

Ethereum’s ETH shed slightly more, coming to circle $3,350 at the time of writing — approximately 2% below its position at the same time a week ago.

As Cointelegraph reported, however, multiple tokens showed bull flags over the week, these including Solana (SOL).

Source: cointelegraph.com