Bitcoin sets lowest weekly close since early March as 4th red candle emerges
Bitcoin (BTC) remained below $40,000 on April 24 as the weekly close appeared to be painful for bulls.
Binance bids are slowly thinning below Spot
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to revisit $40,000 after losing it before the weekend.
As traders braced for classic volatility through the close of the week, Bitcoin looked decidedly unsavory. At $39,500 on Bitstamp, the spot price would represent the lowest weekly close since the week of March 7 at the time of writing.
“Pretty obvious uptrend since mid to late January imo. If we have our 4th RED weekly close today, however, it could be bad,” Twitter account CryptoBull commented in a discussion with popular analysts Johal Miles and Pentoshi.
Four consecutive red weekly candles would be a rare occurrence, the account added, noting that it has not been present on the weekly chart for the past two years.
“Hasn’t happened since 6/2020. But after that happened we went to ATH,” it wrote.
Data from on-chain monitoring resource Material Indicators, meanwhile, showed bid thinning below the spot price, which nonetheless retested the $40,000 resistance.
France keeps the markets on their toes
Outside of the technical signals, attention focused on Sunday in France as the presidential election drew to a close.
Related: Bitcoin funding rates show demand for short BTC as $40,000 turns into resistance
Nonetheless, with incumbent Emmanuel Macron expected to win a second term, warnings painted a dire market reaction should his rival Marine Le Pen win the presidency.
“It would be a terrible day for the markets,” Ariane Hayate, fund manager at Edmond de Rothschild Asset Management, told Bloomberg.
“The first impact would be on French 10-year bond yields, which could go through the roof.”
As Cointelegraph reported, the European Union’s financial fragility has been brought to the fore as inflation soars and central bank balance sheet cuts are yet to have an impact.
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https://cointelegraph.com/news/bitcoin-sets-up-lowest-weekly-close-since-early-march-as-4th-red-candle-looms Bitcoin sets lowest weekly close since early March as 4th red candle emerges