Bitcoin is currently eyeing a crucial price level as volatility resurfaces ahead of the weekly close. Analysts note that reclaiming $108,400 could keep the bullish trend alive.

Key Highlights:

• For Bitcoin to maintain its bullish stance, it must reclaim the $108,400 level imminently.
• Increased volatility is evident with over $200 million in liquidations occurring within a mere 24 hours.
• Sentiment among traders appears cautious, with futures indicating losses since the last bear market.

Bitcoin (BTC) began exhibiting signs of volatility as it approached significant reclaim levels. Data from Cointelegraph Markets Pro alongside TradingView revealed BTC/USD nearing local highs of $108,260.

After a rough trading week where Bitcoin dipped under $104,000, market pressure seemed to ease ahead of what many traders expect to be a turbulent yet interesting week ahead. Trader Daan mentioned, “Volatility definitely high here due to the thin books post this massive market flush.” He warned that this volatility could linger for a while due to the lack of robust trading levels.

“Combined with weekend price action and many emotional traders, expect relatively volatile moves on short timeframes.”

The latest updates from monitoring service CoinGlass indicated total crypto liquidations for the past 24 hours surpassed $200 million.

As the weekly close approaches, many traders, including Rekt Capital, estimate that Bitcoin needs to close above $108,381 to preserve critical historical demand levels, despite experiencing some downward movements.

Analyzing Altcoin Sentiment

Recent market sentiment has shifted slightly away from an ’extreme fear’ stage, according to the Crypto Fear & Greed Index, which reported a score of 29/100, up from a six-month low.

Closing Thoughts

Trader Luke Martin noted the drag on market sentiment caused by altcoins, citing performance data that indicated many top altcoins have fallen below their values following the FTX crash.

“A collection of the top 50 altcoins is now trading below their post-FTX crash levels.”

Overall, Bitcoin and the broader crypto market are navigating turbulent waters as traders monitor key levels and market reactions.