BTC price drops to close Bitcoin futures gap as focus shifts to bullish target of $ 46.5,000

[ad_1]

Bitcoin (BTC) traded at crucial support near $ 33,000 on Monday after a weekend of gains wore off within hours.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBitcoin Futures Mark New Price Targets

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD reversed the bullish performance to $ 35,900 to fall just over 5% on the day.

The U-turn leaves Bitcoin firmly in its established trading range, with traders aware of the various hurdles that must be overcome before the chase can take place.

For Michal van de Poppe, these obstacles come in the form of Bitcoin futures spreads.

On Friday, CME futures closed the week at around $ 33,285, a total of $ 2,700 below Sunday’s local high.

As a result, the temptation was there for the spot price action to fall in order to close the resulting gap between the end of one trading week and the start of the next.

That’s exactly what happened BTC / USD rebounded to around $ 33,300, hovering at $ 33,600 at the time of writing.

I expect a corrective move to $ 33,400 with the CME gap closing and then we can start to continue, Van de Poppe said ahead of the event.

He added that the higher CME spread at $ 46,500 is also likely to act as a bullish target if the upside kicks in.

If we get a rally, I won’t be surprised if we have a rally towards this CME gap in general, he commented.

CME Bitcoin Futures 1 day candlestick chart showing the spreads. Source: TradingViewAltcoins Avoids Surrender

The past seven days have been more favorable for altcoins overall, with many tokens rising from the same time last week while Bitcoin remains lower.

Related: Top 5 Cryptocurrencies To Watch This Week: BTC, ETH, UNI, ICP, AAVE

Ether (ETH), the largest altcoin by market cap, was in the red on Monday but still up 11% during the week, trading at $ 2,213.

As Cointelegraph reported, the price of Ethers is also showing strength against Bitcoin, with ETH / BTC targeting a popular high range of 0.075.

However, only two of the top 50 cryptocurrencies by market cap saw positive price movements that day, as the sudden reversal of Bitcoins took its toll.

Bitcoin’s slightly declining dominance offers a potential advantage for altcoins, which tend to perform better during periods of average BTC action after large declines.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.

[ad_2]