Bitcoin (BTC) held below $40,000 on April 24 as the weekly close appeared to be painful for the bulls.
Binance Offerings Slowly Dilute Below Spot
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair failed to recapture the $40,000 mark after losing it earlier in the weekend.
As traders braced for classic volatility at the weekly close, Bitcoin looked decidedly unappetizing. At $39,500 on Bitstamp, the spot price at the time of writing would constitute the lowest weekly close since the week of March 7.
“A fairly obvious uptrend from mid to late January. If we get our fourth RED weekly close today, it could be bad”, commented the CryptoBull Twitter account in a discussion with popular analysts Johal Miles and Pentoshi.
Four red weekly candles in a row would be a rare event, the account added, noting their absence for the past two years on the weekly chart.
“It hasn’t happened since 6/2020. But after that happened we went up to the ATH,” she wrote.
In the meantime, data from on-chain monitoring resource Material Indicators showed declining offers below the spot price, which nonetheless continued to retest the $40,000 resistance.
France keeps markets on alert
Outside of technical signals, attention turned to France on Sunday as the presidential election drew to a close.
With incumbent Emmanuel Macron expected to win a second term, the 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, a fund manager at Edmond de Rothschild Asset Management, told Bloomberg.
“The first impact would be on the French 10-year bond yield which could skyrocket.”
As Cointelegraph reported, the financial fragility of the European Union has come to the fore as inflation soars and central bank balance sheet drawdowns have yet to come.
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