Bitcoin inches towards higher weekly close with CME futures gap in focus

Bitcoin (BTC), which was just a few days away from making a new weekly close, closed on February 13th as the bulls maintained the market at $42,000.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

CME gap potential for Bitcoin

Data from TradingView and Cointelegraph Markets Pro showed that there were relatively stress-free conditions for Bitcoin/USD this weekend. The weekly candle was set to close in less than 12 hours.

After briefly falling below $42,000, the pair recovered and is now ready to challenge Bitstamp’s $42,400 close last week.

If it succeeds, the close will be a three week high. However, Bitcoin keeps traders guessing, as only a few hundred dollars separates the next close from the previous close.

If #BTC loses this 4HR Range Low as support in the short-term, that could jeopardise a bullish Weekly Close At this stage, $BTC needs continued consolidation at these highs for the next few days to secure a favourable Weekly Close#Crypto #Bitcoin
Rekt Capital (@rektcapital), February 11, 2022

Others were more focused on other things, such as Michael van de Poppe (Cointelegraph contributor), who claimed that Monday’s CME Futures Open would likely set a near-term price target regardless.

Don’t let any Bitcoin move during the weekend fool you. He reiterated that the final price would be the same as Friday’s CME close.

CME futures closed Friday at $42,390, almost at the same point as last week’s spot close.

CME Bitcoin futures 1-day candle charts Source: TradingView

Flat market: XRP is a standout

Altcoins: The calm conditions for Bitcoin resulted in little trading activity for traders outside of business hours.

Related: Two key indicators cast doubt upon the strength of the current cryptocurrency market recovery

Only XRP, the top ten cryptocurrencies in market capital, saw significant gains. It climbed over 6% within 24 hours of writing, to cap weekly returns greater than 25%.

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

This move was made amid a legal battle between Ripple (the major XRP token holder) and United States regulators about its security status.