Bitcoin price retested $47,000 as the weekly close, where is it heading?

Bitcoin price retested $47,000, showing mixed signals from the BTC/USD pair as the week ended. At the time of writing, the leading cryptocurrency is changing hands at $47,587.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price falls back to $47,000 as a weekly close

Today saw a more substantial rally from the pair, which gave way to divergent behavior amid no clear direction. A few hours ago, BTC printed a red intraday candle, falling from a high of $48,076 to a low of $47,069. After this drop, BTC is now back to maintaining the $47,500 zone.

Meanwhile, when looking at buying and selling levels on major exchange Binance showing stiff resistance at $49,000, this rose to a level of validation over the weekend. Conversely, buying support still stands at $44,000.

Even though BTC’s price consolidated in the spot market, options traders seemed to be long-term bullish on the king coin. Notably, the OI by Strike presented almost 10,000 Call contracts for $50,000 and around 9,000 Call contracts for $60,000 and $90,000, respectively.


BTC OI by strike shows bets for $50,000 | Source: Skew

With the prices consolidating, short liquidations for all exchanges reached an all-time low which meant that the market was still in a dilemma about BTC price rise. Additionally, retail traders have been the most bullish on Bitcoin in the past, but now the net amount of long positions held by the retail crowd is still stuck at the 2020 baseline.

Weekends have been harsh on BTC, so for Bitcoin to make some significant moves over the coming week, and it needs to cruise through the weekend without shedding prices.

Bulls could not seize the initiative, and all top 10 coins are in the red zone. It was a similarly lackluster day for altcoins, with the top ten cryptocurrencies copying Bitcoin’s roughly 2.5% daily losses.


Source: CoinMarketCap

Ethereum’s ETH shed slightly more, coming to circle $3,363 at the time of writing — approximately 2% below its position at the same time a week ago. However, multiple tokens showed bull flags over the week, including Solana (SOL).

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