The bulls of Bitcoin (BTC), had everything to lose on April 3. The first weekly close of April seemed to be over the crucial $46,000.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Nothing could happen in the final hours of Sunday
Data from TradingView and Cointelegraph Markets Pro painted an interesting picture Sunday as commentators waited for classic week-end volatility.
BTC/USD delivered few surprises this weekend. The worst was an overnight drop to $45,500.
The odds of a second weekly close exceeding the 2022 annual open of $46,200 were now in favor.
Will #Bitcoin see its second consecutive weekly candle surpass $46,000? We will soon know! pic.twitter.com/0zIAMtOGzS
Matthew Hyland (@MatthewHyland_), April 3, 2022
Bitcoin was trading at $46,500 as of the writing of this article. However, even a slight pullback in the last minute could change the weekly chart.
By contrast, add another $500 to the weekly close and Bitcoin’s highest-ever y
“Bitcoin is still holding critical level here, so continuation appears likely to be happening” Cointelegraph contributor Michael van de Poppe said Saturday about the wider picture beyond the weekly close.
Van de Poppe was looking at a $50,000 challenge in the next week, based on his recent strength.
The appeal of “Riskier Altcoins” is boosted
Inflows into crypto markets have shown renewed interest in altcoins during the week, according to data.
Related: Solana leaps past key selling junction: SOL price eyes $150 April
Yann Allemann, Jan Happel and co-founders at on-chain analytics company Glassnode noted that altcoin inflows have increased in line with the declining upside of BTC.
Last week’s total inflows were almost $200 million. Bitcoin was responsible for about half of that figure.
$193mn inflows into crypto last week $98mn #Bitcoin inflows $87mn $SOL inflows $10mn $ETH inflows Investors are divesting into riskier altcoins. See for yourself https://t.co/SQTuwrEmci pic.twitter.com/GES40CgjR0
— (@Negentropic_) April 2, 2022
The short-term risk appetite thus contradicted macro factors’ forecasts of a risk asset rally that would be triggered by macro factors. Analysts had however predicted this feature to emerge in Q2.