Will Bitcoin close its best weekly close of 2022? The price of Bitcoin stabilizes at 46.5 thousand dollars

Market participants pull back as Bitcoin price action focuses only $300 lower than last week’s close

Bitcoin price spikes to 46,500 dollars as it reaches its best weekly close of 2022
Bitcoin price spikes to 46,500 dollars as it reaches its best weekly close of 2022

Bitcoin (BTC) bulls had everything to play on April 3, as it looks like the first weekly close of the month will be above $46,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The last few hours of a Sunday can bring anything

On Sunday, data from Cointelegraph Markets Pro and Trading View revealed an interesting picture as traders awaited some traditional swings over the weekend.
The BTC/USD pair surprised traders throughout the weekend, with last night’s dip to roughly $45,500 being the worst.
The chances were now in favor of a second weekly closing above the 2022 yearly start of $46,200.

Bitcoin had a lot of potential at approximately $46,500 at the time of writing, but even a minor last-minute retracement might cause the weekly chart to look entirely different.

By comparison, add another $500 and the weekly close will be the highest of the year for bitcoin.

“Bitcoin is still maintaining the crucial level here, therefore it is probable that there will be a continuation if we stay over $45,000,” Cointelegraph writer Michael van de Poppe remarked following the weekly close on Saturday.

Based on previous strength, Van de Poppe, like the others, was planning a $50,000 challenge for next week.

Altcoins that are ‘dangerous’ are becoming more attractive

Meanwhile, statistics tracking cryptocurrency market inflows revealed a resurgent interest in altcoins during the last week.

According to Jan Allemann and Jan Abel, co-founders of on-chain analytics startup Glanud, these altcoin movements have intensified in line with Bitcoin’s diminishing upside.

Last week’s inflows reached around $200 million, with Bitcoin returning roughly half of that amount.

Thus, short-term risk appetite contrasts with projections of a risk-asset flight caused by macroeconomic considerations, which analysts predicted would be a feature in the second quarter.

Leave a Comment

Your email address will not be published.