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
Data from Cointelegraph Markets Pro and TradingView painted an interesting picture on April 3, as commentators waited for some classic end-of-week volatility.
BTC/USD delivered a few surprises over the weekend, with an overnight dip to nearly $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 year.
“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 on April 2 regarding the broader picture beyond the weekly close.
Van de Poppe, like others, was eyeing a challenge of $50,000 in the coming week based on recent strength.
“Riskier” altcoins‘ appeal gets boost
Data covering inflows into crypto markets, meanwhile, showed a renewed appetite for altcoins over the past week.
Related: Solana jumps past key selloff junction: SOL price eyes $150 in April
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
$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
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.