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.
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 on for a potential second weekly close above the 2022 yearly 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
Will Bitcoin close its second consecutive weekly candle above $46,000?
Find out soon!
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 is still holding at a crucial level here so a continuation is likely if we sustain above $45,000”, declared on Saturday Cointelegraph contributor Michaël van de Poppe on the bigger picture beyond the weekly close.
Van de Poppe, like otherseyed a $50,000 challenge in the coming 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.
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.
$193mn inflows into crypto last week
$98mn #bitcoin inflows
$87mn $SUN inflows
$10mn $ETH inflowsInvestors are diving into riskier altcoins. See for yourself https://t.co/SQTuwrEmci pic.twitter.com/GES40CgjR0
— (@Negentropic_) April 2, 2022
$193 million in cryptocurrency inflows last week
$98 million Bitcoin entries
Inflows of USD 87 million $SOL
$10 million $ETH inflowsInvestors are dumping into riskier altcoins. see for yourself
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.
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