Bitcoin price closed above $ 46,000 for the second consecutive week; What is the next move?
Despite much volatility and investor fears that Bitcoin would fall below $ 46,000, for the second week in a row Kendall closed the price of the world’s largest digital currency above this level. Analysts believe that keeping prices high above this level is the first condition for continuing the upward trend in recent days.
To Report Bitcoin Telegraph, Bitcoin buyers were expecting the best on April 3rd; Because the bitcoin price candle was expected to close above the important level of $ 46,000 at the end of the first week of the current month.
Interesting ideas for Bitcoin were given on April 3, and market interpreters were waiting for the constant fluctuations over the weekend.
The Bitcoin market came with a few surprises over the weekend. At first, the worst possible thing happened to investors, and the price dropped overnight to about $ 45,500. However, for the second week in a row, the Bitcoin price candle closed above the annual reopening level of $ 46,200.
Matthew Hyland, a market analyst, posted a chart on Twitter yesterday, saying:
Is it possible that the second weekly candle in 2022 will close above $ 46,000? It will be determined soon.
Bitcoin had a lot of potential for growth yesterday; But even a mediocre last-minute correction could make the weekly candlelight look completely different. On the other hand, if the price of another $ 500 were to rise, the closing of the weekly Bitcoin candlestick would be the highest price in 2022.
Michaël van de Poppe, an analyst at Quinn Telegraph, commented on April 2 on the possibility of closing the Bitcoin Weekly Candle.
He said:
Bitcoin continues to maintain its vital levels. So it looks like if the price stays above $ 45,000, the uptrend will continue.
Van Depp, like others, expects the price of this digital currency to reach $ 50,000 this week, given the recent strength of Bitcoin.
The appeal of riskier altcoins has increased
Meanwhile, inflow data into the digital currency market show that Altcoins are becoming more attractive to investors.
As noted by Yann Allemann and Jan Happel, co-founders of Glassnode, an intra-chain analytics company, the influx of capital into the altcoin market has increased as bitcoin has slowed.
Total inflows into the market last week were close to $ 200 million, half of which was bitcoin.
A digital currency activist with the pseudonym (Negentropic) said on Twitter:
Last week, the digital currency market had $ 193 million in inflows. Capital inflows into Bitcoin were $ 98 million, Solana $ 87 million and Atrium $ 10 million. Investors are turning to riskier tools.
Increased risk-taking of traders in the short term contradicts the forecasts of experts that the price of risky assets will decrease due to the unstable conditions of the global economy. Analysts actually expected the decline in the price of these assets to be one of the main features of the second half of 2022.