If the market moves significantly overnight, the end of the weekly candle could soon give way to a more pressing $42,400 target, according to one trader.
On Feb. 13, Bitcoin (BTC) was on the verge of a new higher weekly close as bulls kept the market above $42,000.
Bitcoin: A potential CME gap is on the horizon
Over the weekend, data from various sources revealed relatively stress-free conditions for BTC/USD, with the weekly candle set to close in less than 12 hours. The pair briefly fell below $42,000 before recovering, positioning it to challenge last week’s close of $42,400 on Bitstamp. If it succeeds, the close will be a three-week high, but Bitcoin is keeping traders guessing as only a few hundred dollars separate the upcoming close from the previous one.
If #BTC loses this 4HR Range Low as support in the short-term, that could jeopardise a bullish Weekly Close
— Rekt Capital (@rektcapital) February 11, 2022
“Don’t be fooled by any Bitcoin movement over the weekend. Finally, the price will return to the CME close on Friday ” As stated by our analysts. CME futures closed Friday at $42,390, almost exactly where the spot price closed last week.
In a flat market, XRP stands out
On altcoins, the calm conditions for Bitcoin resulted in a general lack of activity for after-hours traders. Only XRP managed significant gains among the top ten cryptocurrencies by market cap, rising more than 6% in the 24 hours to the time of writing to cap weekly returns of more than 25%.
The move comes amid an ongoing legal battle between Ripple, the largest XRP token holder, and US regulators over the token’s status as a security.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.