Bitcoin’s Weekly Closing Target Exceeds $108,300

Important points

• According to analysis, Bitcoin will be able to maintain the bullish market range as long as it recovers the $108,400 mark in the coming days.

• 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 volatile volatility in Sunday’s closing.

BTC volatility is expected to increase, according to traders

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 Tradings 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 wrote.

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 also 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 Total crypto-liquidations during the past 24 hours are more than $200 Million.

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

It was up seven points compared to the six-month lowest level seen just days earlier.

Luke Martin of STACKS, a crypto analyst and trader, commented that altcoins were a big drag on overall market sentiment.

Then, you can also find out more about the following: X post Martin published a chart Saturday that shows the performance of Binance’s top 50 alternative coins. Chris Jack, Chief Growth Officer of Robuxio’s algorithmic crypto trading platform created the chart.

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

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

Martin was referring 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.