Bitcoin sets up lowest weekly close since early March as 4th red candle looms
Bitcoin (BTC) stayed below $40,000 on April 24 as the weekly close looked set to be a painful one for bulls.
Binance bids slowly thin below spot
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to retake the $40,000 mark after losing it before the weekend.
As traders braced for classic volatility into the weekly close, Bitcoin looked decidedly unappetizing. At $39,500 on Bitstamp, the spot price at the time of writing would constitute the lowest weekly close since the week of March 7.
“Pretty obvious uptrend since mid-to-late January imo. If we have our 4th RED weekly close today could be bad though,” Twitter account CryptoBull commented in a discussion with popular analysts Johal Miles and Pentoshi.
Four red weekly candles in a row would be a rare event, the account added, noting its absence for the past two years on the weekly chart.
“Hasn’t happened since 6/2020. But after that happened we went to up to ATH,” it wrote.
Data from on-chain monitoring resource Material Indicators meanwhile showed thinning bids below the spot price, which nonetheless continued to retest $40,000 resistance.
France keeps markets on edge
Outside technical signals, attention focused on France on April 24 as the Presidential elections came to a close.
Related: Bitcoin funding rates show demand to short BTC as $40K becomes resistance
With incumbent Emmanuel Macron expected to win a second term, warnings nonetheless painted a dire market reaction in the event that his rival, Marine Le Pen, won the presidency.
“It would be a terrible day for markets,” Ariane Hayate, fund manager at Edmond de Rothschild Asset Management, told Bloomberg:
“The first impact would be on the French 10-year bond yield that could go through the roof.”
As Cointelegraph recently reported, the European Union’s financial fragility has been
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