The price of bitcoin remained below $40,000 on the 24th of April and as the week ended this data was painful for the big bulls of the market. Data from Trading View and Cointelegraph Markets Pro stated that the pair BTC/USD could not retain the price mark of $40,000 after they lost the mark in the previous week.
Bitcoin Might Face A 4th Red Candle Looms
The majority of the traders protected themselves from the ancient volatility at the end of the week, and the look of bitcoin was particularly very ugly. Bitstamp had a price range of $39,500 and this price of the spot constituted the lowest mark in the week since 7th March of 2022.
In the words of CryptoBull, an account on Twitter, this uptrend is very obvious and is going on since January. However, he also mentioned that a RED weekly close for the fourth time is not a good look and can be bad for their business. He stated all these things while discussing with well-known analysts Pentoshi and Johal Miles.
A red weekly candle for consecutively four weeks is a strange and uncommon event. CryptoBull also wrote that this pattern did not happen since the month of June in 2020. However, when this ended bitcoin went up to ATH. Material Indicators showed data that there were thinning bids that were less than the spot price and no one tried to retest the resistance at the price level of $40,000.
Not considering the technical signals, a lot of attention was laid on the country of France on the 24th of April as a result of the upcoming elections the President. Though people are hoping that the present officeholder Emmanuel Macron will win the election for two years straight, still if his rival Marine Le Pen wins, it will paint a dire reaction in the market.