Market participants sit back as BTC price action focuses on levels just $300 below last week’s close.
Bitcoin (BTC) bulls had everything to play for on April 3 as the first weekly close of the month looked set to be above the all-important $46,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Anything could happen in final hours of Sunday
BTC/USD had delivered few surprises over the weekend, with an overnight dip to near $45,500 the worst that hodlers had to confront.
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
At around $46,500 at the time of writing, Bitcoin had plenty 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 y
“Bitcoin still holding crucial level here, so continuation seems likely to be happening if we remain above $45K,” Cointelegraph contributor Michaël van de Poppe stated Saturday on the broader picture beyond the weekly close.
“Riskier” altcoins’ appeal gets boost
Data covering inflows into crypto markets meanwhile showed renewed appetite for altcoins over the past week.
As noted by Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, those altcoin inflows had increased in step with diminishing upside on BTC.
Total inflows last week were nearly $200 million, with Bitcoin reponsible for around half the tally.
$193mn inflows into crypto last week
— (@Negentropic_) April 2, 2022
Risk appetite in the short term thus contradicted forecasts of a risk asset rout engendered by macro factors, something analysts nonetheless had tipped to become a feature in Q2.