Bitcoin’s Weekly Closing Target Exceeds $108,300

Important points

• Analysis says that Bitcoin could keep its bull market range if it can reclaim $108,400 within the next few hours.

• The volatility increases as the week closes, with thin order books resulting in $200 million of liquidations within 24 hours.

• Altcoin Futures shows how much traders have suffered since the bear market’s bottom.

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

BTC Price Volatility to Continue, says Trader

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

The nascent era of e-commerce 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,” Added he. 

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

Latest figures on monitoring resources 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 an analyst and trader. said While uploading the Weekly Chart to X.

Altcoin futures can explain the gloomy crypto sentiment

Crypto market sentiment was lifted by the relief of further decline. “extreme fear” Zone, based on data from 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 lows.

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.