Bitcoin’s Weekly Closing Target Exceeds $108,300

The following are key 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.

BitcoinBTC() added volatility to Sunday’s closing price as the price moved towards a crucial reclaim point.

BTC volatility is expected to increase, according to traders

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

The aforementioned After painful end to the TradFi trading week X Trader 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 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.”

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 explain the grim crypto sentiment

Crypto market sentiment was lifted by the relief of further decline. “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-lows.

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 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 FTXThe infamously precipitated a massive market drop and prepared the crypto market for its bear-market bottom by 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.