Bitcoin (BTC) bulls had it all on April 3 as the first weekly close of the month appeared to be above the all-important $46,000.
Anything could happen in the final hours of Sunday
Data from Cointelegraph Markets Pro and TradingView painted an interesting picture on Sunday, as commentators waited for classic volatility going into the weekend.
BTC/USD had delivered few surprises over the weekend, with an overnight plunge to near $45,500 being the worst hodlers faced.
Now the odds of a possible second weekly close were above the 2022 year open of $46,200.
will #Bitcoin close its second consecutive weekly candle above $46,000?
Find out soon! pic.twitter.com/0zIAMtOGzS
— Matthew Hyland (@MatthewHyland_) April 3, 2022
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 very different.
In contrast, add another $500 and the weekly close would be Bitcoin’s highest for the year
“Bitcoin is still holding a crucial level here, so if we stay above $45,000, a continuation seems likely,” said Cointelegraph contributor Michaël van de Poppe specified Saturday in a broader sense beyond the end of the week.
Van de Poppe, like othersis eyeing a $50,000 challenge in the coming week based on recent strength.
The attractiveness of “risky” Altcoins is increased
Data on inflows into crypto markets over the past week has shown a renewed appetite for altcoins.
Related: Solana Jumps Past Key Sell-Off Point: SOL Price Targets $150 in April
As Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, noted, these altcoin inflows had risen in tandem with BTC’s waning upside potential.
Total inflows totaled almost $200 million last week, with Bitcoin accounting for about half of the total.
Last week, $193 million flowed into crypto
Investors invest in riskier altcoins. See for yourself pic.twitter.com/GES40CgjR0
— (@Negentropical_) April 2, 2022
Near-term risk appetite thus ran counter to forecasts of a macro-driven downturn in risky assets, something analysts had nonetheless indicated would play a role in Q2.
https://cointelegraph.com/news/can-bitcoin-seal-its-best-weekly-close-of-2022-btc-price-sits-at-46-5k Can Bitcoin Seal Its Best Weekly Close of 2022? BTC price stands at $46.5K