BTC price is dropping to fill the gap in Bitcoin futures while the focus is on bulls
Bitcoin (BTC) traded at critical support near $ 33,000 on Monday after weekend gains disappeared for a few hours.
Bitcoin Futures marks new price target Price
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD reversed its upward performance at USD 35,900, down a little more than 5% that day.
The turnaround leaves Bitcoin firmly within its established trading range, with traders keeping an eye on the various hurdles that must be overcome before a continuation can take place.
For Michaël van de Poppe, these hurdles come in the form of Bitcoin futures gaps.
On Friday, CME futures closed at around $ 33,285 for the week, down $ 2,700 from Sunday’s local high.
As a result, there is a temptation to drop spot price action in order to “fill” the gap that has arisen between the end of a week and the start of the next.
That’s exactly what happened – BTC / USD rebounded to around $ 33,300 and stayed at $ 33,600 at press time.
“I expect a corrective move to $ 33,400 when the CME void is filled and then we can move on,” said Van de Poppe speak before the event takes place.
He added that the higher CME gap at $ 46,500 is also suitable to come back into the picture as a bullish target.
“If we get a rally, I wouldn’t be surprised that we get a rally on that CME void in general,” he commented.
Altcoins prevent speculation
In the meantime, the last seven days have been much better for altcoins, with many tokens increasing compared to the same time last week while Bitcoin remains lower.
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Ether (ETH), the largest altcoin by market cap, was in the red on Monday but is still up 11% over the week to trade at $ 2,213.
As Cointelegraph reported, the price of Ether is also showing strength against Bitcoin, with ETH / BTC targeting a popular high of 0.075.
However, only two of the top 50 cryptocurrencies by market cap saw positive intraday price movements as Bitcoin’s sudden reversal took its toll.
A slight decline in Bitcoin dominance offers a potential benefit for altcoins, which, after larger declines, typically perform best in the mid-range during periods of BTC action.