Bitcoin (Bitcoin) After the weekend’s gains disappeared within a few hours, Monday was traded at a critical support level close to $33,000.
Bitcoin futures mark a new price target
The U-turn keeps Bitcoin firmly within its established trading range, traders pay attention Obstacles to overcome Before proceeding.
For Michaël van de Poppe, these obstacles came in the form of a gap in Bitcoin futures.
On Friday, CME Group futures closed at around US$33,285 this week, a full US$2,700 lower than Sunday’s local high.
As a result, the spot price trend fell to “fill” the gap between the end of one week’s trading and the beginning of the next week.
This is exactly what happened-BTC/USD rebounded to around $33,300, hovering at $33,600 at the time of writing.
“As the CME gap is filled, I expect to pull back to $33,400, and then we can start to continue,” Van de Poppe Say Before the incident.
He added that if there is an upward trend, CME’s gap of as high as $46,500 can easily become a bullish target.
He commented: “If we rebound, I wouldn’t be surprised that we generally rebound to the CME gap.”
Altcoins avoid surrender
At the same time, the past 7 days have been generally friendly to altcoins. Many tokens have risen compared to the same period last week, while Bitcoin is still low.
Ether (Ethereum) Is the altcoin with the largest market capitalization. It was at a loss on Monday, but it still rose by 11% within a week, with a transaction price of US$2,213.
As reported by Cointelegraph, the price of Ether has also shown its strength against Bitcoin, and the target of ETH/BTC is the high point of the popular range of 0.075.
However, due to losses caused by the sudden reversal of Bitcoin, only two of the top 50 cryptocurrencies by market capitalization showed positive price movements that day.
The slight decline in Bitcoin’s dominance provides potential benefits for altcoins, which tend to perform best during periods of moderate BTC action following a sharp decline.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.