Market participants sit back as BTC price action focuses on levels just $300 below last week‘s close.
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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.
Anything could happen in final hours of Sunday
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.
— 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.
“Riskier” altcoins‘ appeal gets boost
Data covering inflows into crypto markets, meanwhile, showed a 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.
— (@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.