Bitcoin (BTC) bulls had everything to play for on April 3 as the first weekly close of the month appeared to be above the all-important $46,000.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Anything can happen in the last hours of Sunday
Data from Coin-Crypto Markets Pro and Trading Display painted an interesting picture on Sunday, as commentators waited for a classic week-end volatility.
BTC/USD had provided few surprises over the weekend, with an overnight dip to near $45,500, the worst for hodlers to face.
Now the odds were high for a possible second weekly close above the 2022 annual 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_) Apr 3, 2022
At about $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 the highest of Bitcoin’s y
“Bitcoin is still at a critical level here, so continuation seems likely to happen if we stay above $45K,” Coin-Crypto contributor Michael van de Poppe stated: Saturday in the broader picture past the week-end.
from the Poppe, like otherssaw a $50,000 challenge in the coming week based on recent strength.
The attraction of “riskier” altcoins is boosted
Data on crypto market inflows showed renewed interest in altcoins over the past week.
Related: Solana Jumps Past Key Clearance Node: SOL Price Eyes $150 In April
As noted by Yann Allemann and Jan Happel, co-founders of the on-chain analytics firm Glassnode, that influx of altcoin had increased in line with BTC’s declining advantage.
The total inflow last week was nearly $200 million, with Bitcoin accounting for about half of the total.
Last week $193 million inflow in crypto
— (@Negentropic_) Apr 2, 2022
Short-term risk appetite thus contradicted predictions of a risk-asset pathway driven by macro factors, something analysts had nevertheless tipped to become a hallmark in Q2.