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.
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 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.
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.
$193mn inflows into crypto last week
$98mn #Bitcoin 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.
“Riskier” altcoins’ appeal gets boost
$87mn $SOL inflows
$10mn $ETH inflows
