The Bitcoin (BTC) bulls had everything to play on April 3rd as it looks like the first week at the end of the month will be above $46,000.
BTC/USD hourly candlestick chart (bit mark). Source: Trading View
Anything can happen in the last hours of Sunday
Data from Cointelegraph Markets Pro and TradingView on April 3 painted an interesting picture as commentators anticipated some classic end-of-week swings.
The BTC/USD pair provided some surprises over the weekend, falling overnight to close to $45,500, the worst hackers ever faced.
Now the odds of a possible second weekly close compared to a yearly open in 2022 were $46,200.
At the time of writing, Bitcoin is worth around $46,500 and has a lot of potential, but even a small last-minute withdrawal could cause the weekly chart to look completely different.
Add another $500, on the contrary, the close of the week will be the highest price for bitcoin this year.
“Bitcoin is still holding a crucial level here, so it’s likely there will be a continuation if we stay above $45,000,” Michael van de Poppe, a contributor to Cointelegraph, said on April 2 regarding the bigger picture after the week’s close.
Van de Poppe, like others, was considering a $50,000 challenge next week based on recent strength.
Increased attractiveness for “risky” altcoins
Meanwhile, data covering flows to crypto markets showed renewed interest in digital currencies over the past week.
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As noted by Jann Allemann and Jan Happel, co-founders of chain analysis company Glassnode, these altcoin entries have increased in line with BTC’s declining trend.
Last week’s inflow was almost $200 million, and Bitcoin has recovered about half of that amount.
Thus, the appetite for short-term risk, contrary to expectations of the outflow of risky assets, was caused by macro factors, which, according to analysts, is typical for the second quarter.