Bitcoin ( $20,938.00 ) (BTC) was on the cusp of making a new higher weekly close on Feb. 13 as bulls kept the market above $42,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin ( $20,938.00 ) : Potential CME gap to come
Data from Cointelegraph Markets Pro and TradingView tracked fairly stress-free conditions for BTC/USD over the weekend, with the weekly candle set to conclude in under 12 hours.
The pair had briefly dipped below the $42,000 mark before recovering, this setting it up to challenge last week’s close of $42,400 on Bitstamp.
Should it succeed, the close would be a three-week high, Bitcoin ( $20,938.00 ) nonetheless keeping traders guessing as a matter of a few hundred dollars separated the upcoming close from the last.
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 ( $20,938.00 ) pic.twitter.com/bAzNDWqivB
— Rekt Capital (@rektcapital) February 11, 2022
Others were focused elsewhere, among them Cointelegraph contributor Michaël van de Poppe, who argued that Monday’s CME futures open would likely dictate a near-term price target regardless.
“Don’t be fooled by any move of Bitcoin ( $20,938.00 ) during the weekend. In the end, the price will come back to CME close of Friday,” he reiterated.
CME futures ended Friday at $42,390 — almost exactly at the point of last week’s spot price close.
CME Bitcoin ( $20,938.00 ) futures 1-day candle chart. Source: TradingView
XRP ( $0.34 ) stands out in flat market
On altcoins, the calm conditions for Bitcoin ( $20,938.00 ) played out in a broad lack of action for out-of-hours traders.
Related: 2 key indicators cast doubt on the strength of the current crypto market recovery
Out of the top ten cryptocurrencies by market cap, only XRP ( $0.34 ) managed significant gains, climbing over 6% in the 24 hours to the time of writing to cap weekly returns of more than 25%.
XRP ( $0.34 ) /USD 1-day candle chart (Bitstamp). Source: TradingView
The move came amid an ongoing legal saga between Ripple, the major XRP ( $0.34 ) token holder, and United States regulators over its status as a security.