fbpx
27.2 C
London
Sunday, August 7, 2022

Bitcoin Moves Towards Higher Weekly Close, CME Futures Gap Still In Focus

Bitcoin was on the cusp of making a new higher weekly close on February 13 as bulls kept the market above $42,000.

Data from Cointelegraph Markets Pro and TradingView tracked fairly stress-free conditions for Bitcoin/USD over the weekend, with the weekly candle set to conclude in under 12 hours.

- Advertisement -

Bitcoin and USD had briefly dipped below the $42,000 mark before recovering, this setting it up to challenge last week’s close of $42,400 on Bitstamp.

The Bitcoin Prices Might Close At A Three-Week High

Should it succeed, the close would be a three-week high, BTC nonetheless keeping traders guessing, as a matter of a few hundred dollars separating the upcoming close from the last.

Others were focused elsewhere, among them Cointelegraph contributor Michaël van de Poppe, who argued that Monday’s CME futures open would likely dictate a near-term price target regardless.

- Advertisement -

“Don’t be fooled by any move of Bitcoin during the weekend. In the end, the price will come back to CME close of Friday,” he reiterated.

CME futures ended Friday at $42,390 — almost exactly at the point of last week’s spot price close.

On altcoins, the calm conditions for Bitcoin played out in a broad lack of action for out-of-hours traders. Out of the top 10 cryptocurrencies by market capitalization, only XRP managed significant gains, climbing over 6% in the 24 hours to the time of writing to cap weekly returns of more than 25%.

The move came amid an ongoing legal saga between Ripple, the major XRP token holder, and the United States regulators over its status as a security.

- Advertisement -

Follow Us

16,985FansLike
4,865FollowersFollow
1,643FollowersFollow

Latest news