The price of bitcoin closed above $ 46,000 for the second week in a row; What’s the next move?

Despite high volatility and investors’ fears that bitcoin will fall below $ 46,000, Kendall closed the price of the world’s largest digital currency above that level for the second week in a row. Analysts believe that keeping prices high above this level is the first condition for continuing the upward trend in recent days.

According to the Quinn Telegraph, bitcoin buyers expected the best of things on April 3 (April 14), as the bitcoin price candle seems to close above the critical level of $ 46,000 by the end of the first week of this month.

Graph the price of bitcoin in an hour view
Graph the price of bitcoin in an hour view.

Interesting ideas for bitcoin were given on April 3, and market interpreters expected constant fluctuations over the weekend.

The bitcoin market came with a few surprises over the weekend. Initially, the worst happened to investors and the price fell 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 Highland, a market analyst, posted a chart on Twitter yesterday, saying:

Is it possible that the second weekly candle in 2022 will close over $ 46,000? It will be determined soon.

Matthew Holland's chart for presenting the price of bitcoin in a weekly view
Matthew Highland Analysis of the presentation of the price of bitcoin in a weekly view.

Bitcoin had great potential for growth yesterday, but even a modest last-minute adjustment could make the weekly candlestick look completely different. On the other hand, if the price of another $ 500 rises, the closing of the weekly bitcoin candlestick will be the highest price in 2022.

Michael van de Pope, an analyst at the Quinn Telegraph, commented on April 2 on the possibility of closing the weekly Bitcoin candle.

He said:

Bitcoin continues to maintain its vital levels. So it seems that if the price stays above $ 45,000, the upward trend 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 attractiveness of riskier altcoins has increased

Meanwhile, data on the inflow of the digital currency market shows that altcoins are becoming more and more attractive to investors.

As noted by Yann Allemann and Jan Happel, co-founders of Glassnode, an analytics firm within the chain, capital flows to the coin market have increased as bitcoin has slowed.

The total inflow into the market last week was nearly $ 200 million, half of which was bitcoin.

An activist on a digital currency with a pseudonym (Negentropic) said on Twitter:

Last week, the digital currency market had $ 193 million in inflows. Capital flows in bitcoin were $ 98 million, Solana $ 87 million and Atrium $ 10 million. Investors are turning to riskier instruments.

The increased risk-taking by traders in the short term contradicts the experts’ forecasts for lower prices of risky assets due to the unstable conditions of the world 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.

The price of bitcoin after Kendall closed above $ 46,000 for the second week in a row; What’s the next move? appeared first for currency.

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