Can Bitcoin seal its best weekly close of 2022? BTC price stands at $46.5,000

bitcoin ( BTC ) the bulls had everything to gain on April 3 when the first weekly close of the month appeared to be above $46,000. BTC/U...


bitcoin (BTC) the bulls had everything to gain on April 3 when the first weekly close of the month appeared to be above $46,000.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

Anything can happen in the last hours of Sunday

Data from Cointelegraph Markets Pro and TradingView painted an interesting picture on April 3, as commentators expected some classic weekend volatility.

BTC/USD delivered a few surprises over the weekend, with an overnight drop to near $45,500, the worst hodlers have faced.

Now the odds were good 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 a lot of potential, but even a moderate last-minute pullback could make the weekly chart look quite different.

Add another $500, on the other hand, and the weekly close would be Bitcoin’s highest of the year.

“Bitcoin still holds a crucial level here, so further action seems likely if we stay above $45,000,” Cointelegraph contributor MichaĆ«l van de Poppe declared on April 2 regarding the larger picture beyond the weekly close.

Van de Poppe, as otherswas watching a $50,000 challenge in the coming week based on recent strength.

The appeal of “riskier” altcoins is reinforced

Data covering entries into the crypto markets, meanwhile, showed a renewed appetite for altcoins over the past week.

Related: Solana jumps past key sell junction: SOL price targets $150 in April

As noted by Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, these altcoin inflows have been rising alongside the decline in the upside on BTC.

Total inflows last week were nearly $200 million, with Bitcoin responsible for around half of the tally.

Short-term risk appetite thus contradicted forecasts of a macro-driven rout in risky assets – something analysts had suggested. become a feature in Q2.