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The CME futures gap is in the spotlight as Bitcoin nears a weekly high

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.

 

“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.

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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%.

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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.

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