Bitcoin was under the sum of $40,000 on the 24th of April with the weekly close looking pretty set as a painful one for market bulls. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the exchange failed to retake its mark of $40,000 after it lost it over the weekend. As most of the traders did start bracing for classic volatility with the close in the market, the cryptocurrency did look pretty unappetizing. At a sum of $39,500 on Bitstamp, the spot price at the exact time of writing would constitute the lowest weekly close that this cryptocurrency has seen since the 7th of March.
Bitcoin Has Managed To Get Its Lowest Price Possible At Its Weekly Close
CryptoBull, an account on Twitter then commented in a discussion that the weekly close for Bitcoin was pretty obvious given the uptrend that had taken place since mid-to-late January. If the cryptocurrency’s 4th RED weekly close was the present-day- things could get pretty bad. The account further added that four separate red weekly candles consecutively would definitely be a pretty rare event- as it noted the absence of said candle for the past couple of years on the weekly chart.
Material Indicators, an on-chain monitoring resource, provided data that showed the thinning bids taking place below the spot price, which did continue to retest at a resistance level of $40,000. There were other factors that did affect the receding weekly close of Bitcoin- one being the Presidential elections in France that took place on the 24th of April.
Bitcoin seems to be collateral in the financial fragility of the European Union- as reported by Cointelegraph, which has brought to the forefront several issues with increasing inflation- with the balance sheet reductions for the central bank yet to come in to play.
