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

The end of the weekly candle could give way to a more pressing $42,400 target if the market moves significantly overnight, one trader says.

There is a market update.

The market was on the verge of making a new higher weekly close on Feb. 13 as bulls kept the market above $42,000.

The 1-hour candle chart is for BTC/USD. The Trading View is a source.

There is a potential gap in the price of the digital currency.

The data from Cointelegraph Markets Pro and TradingView showed that the weekend was stress-free for the BTC/USD.

The pair had briefly dipped below the $42,000 mark before recovering, setting them up to challenge last week's close of $42,400 on Bitstamp.

If it succeeds, the close would be a three-week high, keeping traders guessing as a matter of a few hundred dollars separated the upcoming close from the last.

If the 4HR Range Low is support in the short-term, that could jeopardize a bullish Weekly Close.
>
At this stage, $BTC needs continued consolidation at these highs for the next few days to secure a favorable Weekly Close.

February 11, 2022.

Among them was cointelegraph contributor Michal van de Poppe, who argued that Monday's futures open would likely dictate a near-term price target regardless.

Don't be fooled by the weekend's movements of the digital currency. The price will come back to the Chicago Board of Trade by Friday.

The spot price closed last week at $42,450, but the futures ended Friday at $42,390.

The 1-day candle chart shows the futures price. The Trading View is a source.

The market has a flat market.

There was a lack of action for out-of-hours traders on altcoins.

There are two key indicators that cast doubt on the strength of the current market recovery.

Out of the top ten cryptocurrencies by market cap, only one, XRP, managed significant gains, climbing over 6% in the 24 hours to the time of writing to cap weekly returns of more than 25%.

The 1-day candle chart is for the coin. The Trading View is a source.

The legal saga between the United States regulators and the major holder of the XRP token came to a head.

It was [.

javascript:void(0)

Source: cointelegraph.com