After a weekend of gains, Bitcoin ( BTC), traded at critical support close to $33,000 Monday.
Futures bitcoin set new price targets
Data from TradingView and Cointelegraph Markets Pro showed that BTC/USD reversed bullish behavior at $35,900 and dropped just over 5%.
Bitcoin is now trading within its existing range. However, traders must be aware of many hurdles before they can continue.
These hurdles are for Michael van de Poppe in the form Bitcoin futures gaps.
CME futures ended the week at $33,285, which is $2,700 less than Sunday’s local high.
Spot price action was tempted to fall to fill the gap between one week’s trading and next.
This is exactly what happened. BTC/USD bounced around $33,300 and hovered at $33,600 at time of writing.
“I expect a corrective movement to $33,400 with CME Gap being filled, then we can continue,” Van de Poppe stated before the event took place.
He also stated that the CME gap at $46,500, which is higher than the current level, could be used as a bullish target if upside moves.
He said, “If we get rallies, I won’t be surprised that we get rallies towards this CME gap overall.”
Altcoins resist capitulation
Altcoins have seen a general improvement in the past seven days, with many tokens rising compared to last week, while Bitcoin is still lower.
The largest altcoin in market capitalization was Ether ( ETH), which traded at $2,213.
Cointelegraph reported that Ether’s value is showing strength against Bitcoin. ETH/BTC targets a popular range of 0.075.
Two of the top 50 cryptocurrency market caps saw positive price movements, but Bitcoin’s sudden reversal caused only two to see positive price movements.
Altcoins could benefit from a slightly declining Bitcoin dominance, as they tend to perform better during periods of moderate BTC activity following major dips.
