Bitcoin has a new weekly close target above $108,300

Important points

• According to analysis, Bitcoin will be able to maintain the bullish market if the price reaches $108,400 over the next 24 hours.

• As the order book becomes thinner, volatility rises as we approach the end of each week.

• Altcoin futures reveal how investors have been disadvantaged since the previous bear market.

BitcoinBTCAs the price neared a critical reclaim threshold, he teased volatility in Sunday’s close.

BTC Price Volatility to Continue, says Trader

Data by Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC/USD hit a new local high of $108,260.

What happens after a? painful end to the TradFi trading week X Trader Daan Crypto trades called You can find out more about this by clicking here. “interesting week.”

“Volatility definitely high here due to the thin books post this massive market flush,” He has written.

Looking at liquidation data, Daan Crypto Trades predicted The volatility will continue “for a while.”

“Books are thin. Especially after the massive liquidation event last week,” He added. 

“This combined with weekend price action and a lot of emotional traders makes for relatively volatile moves on low timeframes.”

Monitoring resource: The latest statistics CoinGlass The total amount of cryptoliquidations in the last 24 hours, at the time this article was written, is more than 200 million dollars.

Hours before the close of each week, both ask and bid liquidity increased around exchange order books.

“Bitcoin is not far away from securing a positive Weekly Close above $108381 to preserve the historical Weekly demand area (orange), despite the downside wicks below it,” Rekt capital is a trader, analyst and broker. said Upload the weekly chart into X.

Altcoin Futures Explain the Grim Crypto Sentiment

It was not necessary to wait for further drops in the crypto markets sentiment before they recovered. “extreme fear” Data from zone Crypto Fear & Greed Index.

Related: Bitcoin price ‘lines up nicely’ for $95K drop next despite bullish RSI data

On Sunday, the Index was 29/100. This is up 7 points from its six-month low recorded days earlier.

Luke Martin, the host of STACKS Podcast, who is a crypto trader/analyst, said that altcoins are dragging down the market.

Then, you can also find out more about the following: X post Martin posted a chart on Saturday showing Binance’s 50 top altcoins futures. Chris Jack is the chief growth officer at Robuxio, a crypto-algorithmic trading firm.

“This chart perfectly illustrates why sentiment is bearish/tired even though $BTC still above $100k,” He argued.

“A basket of the top 50 altcoins now trading BELOW where they were post-FTX crash in 2022.”

Martin made reference to the implosion of crypto exchange FTXThis infamously caused a significant market decline and helped prepare crypto to reach its bottom in the bear market at the end 2022.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.