Bitcoin (BTC) price action focuses on levels just under $300 from last week’s close, while investors and analysts are sitting back. Bitcoin bulls had a comfortable weekend as the first weekly close of the month appeared above the crucial $46,000.
Anything can happen in the last hours of Sunday
TradingView data recorded an interesting chart on Sunday as analysts expect classic weekend volatility. BTC/USD presented a few surprises over the weekend, dropping close to $45,500 overnight. Now the possibilities were open for a potential second weekly close above $46,200, the 2022 annual open.
Bitcoin traded in the $46,500 region at the time of writing has a lot of potential There is, but even a moderate last-minute pullback can make the weekly chart look quite different. In contrast, when you add another $500, the weekly close will be Bitcoin’s highest close of the year. Popular crypto analyst Michaël van de Poppe shared on Saturday what he sees in the broader picture beyond the weekly close:
Bitcoin (BTC) is still at a critical level here, so if we stay above $45,000, it seems likely to continue.
Van de Poppe, like value analysts, expects a $50,000 challenge next week based on his recent strength.
“Risk” altcoins increasing attractiveness
Meanwhile, data covering crypto market entries showed renewed appetite for altcoin projects last week. As noted by Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, these altcoin inflows have increased in strides in BTC, declining. Total entries last week were around $200 million, with Bitcoin accounting for about half of the tally.
We shared the analysis as Cryptokoin.com and William Clemente is one of the leading crypto currency units. It thinks it showcased a new model between 2021 and 2022. According to the analyst, the period between Q4 of 2021 and Q1 of 2022 may be less volatile for Bitcoin (BTC). Details can be found here.
27315
