Bitcoin (BTC) bulls had everything to play for on April 3, as the first weekly close of the month looked to be above the all-important $46,000.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView
Anything can happen in the last hours of Sunday
Data from Cointelegraph Markets Pro and TradingView painted an interesting picture on Sunday, as commentators expected some classic weekend volatility.
BTC/USD had delivered few surprises over the weekend, with an overnight drop to around $45,500 the worst hodlers had to deal with.
Now the odds were open for a possible second weekly close above the 2022 yearly open of $46,200.
Willpower #bitcoin close its second consecutive weekly candle above $46,000?
Find out soon! pic.twitter.com/0zIAMtOGzS
— Matthew Hyland (@MatthewHyland_) April 3, 2022
Valued at around $46,500 at the time of writing, Bitcoin had a lot of potential, but even a moderate last-minute pullback could make the weekly chart look quite different.
Add another $500, by contrast, and the weekly close would be Bitcoin’s highest of the year.
“Bitcoin still holds at a crucial level here, so it is likely to continue if we stay above $45,000,” Cointelegraph Contributor Michaël van de Poppe. set Saturday in the bigger picture beyond the weekly close.
go pope, like otherswas eyeing a $50,000 challenge in the next week based on recent strength.
The appeal of “riskier” altcoins gets a boost
Meanwhile, data covering crypto market entries showed renewed appetite for altcoins over the past week.
Related: Solana Jumps Past Key Selloff Crossover: SOL Price Targets $150 in April
As Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, pointed out, those altcoin inflows increased at the same time that BTC’s advantage diminished.
Total inflows last week were nearly $200 million, with Bitcoin accounting for around half of the account.
$193 Million Crypto Inflows Last Week
Investors are dumping into riskier altcoins. Check it out for yourself https://t.co/SQTuwrEmci pic.twitter.com/GES40CgjR0
— (@Negentropic_) April 2, 2022
Short-term risk appetite thus contradicted expectations of a macro-driven drop in risk assets, something that analysts had nevertheless hinted would become a feature of the second quarter.
This post Can Bitcoin Seal Its Best Weekly Close of 2022? BTC price stands at $46.5K
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