BTC price drops back to $ 47,000 as weekly close follows Bitcoin futures spread perfectly


Bitcoin (BTC) retested $ 47,000 on September 19 as the weekly close looked likely to depend on the CME futures spread.

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

Bitcoin closes the loop after clearing the gains

Data from TBEN Markets Pro and TradingView showed mixed signals from BTC / USD at the end of the week.

Saturday had seen a stronger rally from the pair, which then gave way to range behavior amid a lack of clear direction.

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“It happens quite often in the markets”, Michaël van de Poppe, TBEN collaborator Explain.

“Slight rally on Saturday for Bitcoin, returning to the CME close on Sunday. CME closed at $ 47,490 on Friday, looks like we’ll open there later in the day as well.”

The closing Bitcoin futures price could thus seal what has been a cautiously bullish week for hodlers, with last week’s close approaching $ 46,000.

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A review of buy and sell levels on the main Binance exchange, meanwhile, revealed strong resistance at $ 49,000, which rose in veracity over the weekend. Buy support, on the other hand, still stood at $ 44,000.

BTC / USD (Binance) buy and sell levels as of September 19. Source: Material Indicators

Altcoins step impersonator moves to weekly close

It was an equally dull day for altcoins, with the top ten cryptocurrencies copying Bitcoin’s daily losses of around 2.5%.

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Ethereum’s ETH has lost a bit more, hitting around $ 3,350 at the time of writing – around 2% below its position at the same time a week ago.

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

As TBEN reported, however, several tokens showed bullish flags during the week, including Solana (SOL).