Important points
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Analysis says that Bitcoin could keep its bull market range if it can reclaim $108,400 within the next few hours.
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As the order book becomes thinner, volatility rises as we approach the end of each week.
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Altcoin futures reveal how investors have been disadvantaged since the previous bear market.
BitcoinBTC() teased volatile volatility into the Sunday weekly close, as price approached an important reclaim point.
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 reached a local record of $108,260.
The newest a painful end to the TradFi trading week X Trades Daan Crypto Tradings 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 has written.
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 added.
“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 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 While uploading the Weekly Chart to X.
Altcoin Futures Explain the Grim Crypto Sentiment
Crypto market sentiment was lifted by the relief of further decline. “extreme fear” Zone, per 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 low just days earlier.
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, 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 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.
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Source: cointelegraph.com
