Bitcoin Records Lowest Weekly Close Since Early March as Fourth 'Red Candle' Approaches

Bitcoin (BTC) held below $40,000 on April 24, making the weekly close look like a painful one for the bulls.

Binance Bids Slowly Below Spot

Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD failed to recapture the $40,000 mark after falling ahead of the weekend.

With traders bracing for typical volatility ahead of the week's close, Bitcoin looks unattractive. At the time of writing, the spot price on Bitstamp is $39,500, the lowest weekly close since the week of March 7.

"Very clear uptrend since mid-to-late January. However, it could be bad if we close the week with a 'red candle' for the 4th time today," Twitter account CryptoBull said in a statement with popular analysts Johal Miles and Commented in Pentoshi's discussion.

Four consecutive red weekly candles would be a rare event, CryptoBull added, noting that the past two years have not seen it on weekly charts.

"It hasn't happened since June 2020. But since then we've reached an all-time high," it wrote.

Meanwhile, data from on-chain monitoring resource Material Indicators shows less buying below the spot price, but continues to test resistance at $40,000.

France keeps markets on edge

On April 24, as the presidential election draws to a close, attention is on France.

Incumbent President Emmanuel Macron is expected to win a second term, but markets react direly if his rival Marine Le Pen wins the presidency.

Ariane Hayate, fund manager at Edmond de Rothschild Asset Management, told Bloomberg: "It's going to be a bad day for the markets":

"The first to be affected will be French 10-year bond yields, which could spike."

As Cointelegraph recently reported, the EU’s financial fragility has been brought to the fore as inflation soars and central bank balance sheet reduction has yet to begin.