Bitcoin has a new weekly close target above $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 upcoming 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 a volatile close on Sunday.

BTC Price Volatility to Continue, says Trader

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD reached a local record of $108,260.

The nascent era of e-commerce painful end to the TradFi trading week X Trader Daan Crypto trades called The following are some of the ways to get in touch with each other: “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 Volatility would 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.

The liquidity of the exchange order book increased in both bid and asked prices hours before its weekly closing.

“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 an analyst and trader. said While uploading the Weekly Chart to X.

Altcoin futures and the crypto market’s gloom

It was not necessary to wait for further drops in the crypto markets sentiment before they recovered. “extreme fear” Zone, as per the data. 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.

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

It is a good idea to get in touch with someone who can help you. 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 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 FTXThe infamously precipitated a massive market drop and hastened the crypto market’s bear market bottom by 2022.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.