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 / US...


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

Saturday had seen a rally stronger of the pair, which then gave way to telemetry behavior in the absence of a clear direction.

“It happens quite often in the markets”, MichaĆ«l van de Poppe, Cointelegraph 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.

A review of buy and sell levels on the main Binance exchange, meanwhile, revealed strong resistance at $ 49,000, which increased 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%.

Related: Next stop of $ 85,000 for Bitcoin as analysts predict ‘explosive’ fourth quarter for BTC price action

Ethereum ETH has lost a little more, to circle $ 3,350 at the time of writing – about 2% below its position at the same time a week ago.

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

As Cointelegraph reported, however, several tokens showed bullish flags during the week, these including Solana (GROUND).