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
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.
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.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.