Can Bitcoin seal its best weekly close of 2022? BTC price sits at $46.5K – Vijay Gir
November 16, 2024
Analysis

Can Bitcoin seal its best weekly close of 2022? BTC price sits at $46.5K

Crypto Live India

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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.

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 Sunday, as commentators waited for some classic end-of-week volatility.

BTC/USD had delivered few surprises over the weekend, with an overnight dip to near $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. 

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 y

“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 Saturday on 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 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.

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.