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 a range behavior in an 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 mirroring Bitcoin’s 2.5% daily losses.
Related: Next Stop $85K Bitcoin, Analysts Predict ‘explosive Q4 for BTC Price Action
Ethereum’s ETH lost slightly, to $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).