Key Points:

• Bitcoin must reclaim $108,400 to sustain its bull market range in the next few hours, according to market analysis.
• The market experienced significant volatility with over $200 million in liquidations in the past 24 hours ahead of the weekly close.
• Futures data indicate that altcoin traders have faced losses since the previous bear market bottom.

Bitcoin (BTC) exhibited increased volatility as it neared a pivotal reclaim zone before Sunday’s closing. Data from Cointelegraph Markets Pro and TradingView revealed BTC/USD peaking at $108,260.

A recent painful fluctuation concluded the trading week for traditional finance as Bitcoin dipped beneath $104,000, yet a cool-off in sell-side pressure was noted ahead of what trader Daan Crypto Trades described as an ‘interesting week.’

“Volatility is certainly high here due to the thin books following this massive market flush,” he commented.

Liquidation data suggest continuing volatility, with Daan predicting that price fluctuations would remain intense.

“This situation, combined with weekend price action and many emotional traders, results in relatively volatile moves on low timeframes.”

According to CoinGlass, total crypto liquidations this past day reached over $200 million. Both bidding and asking liquidity thickened as the weekly close approached.

Trader and analyst Rekt Capital indicated that Bitcoin is close to achieving a favorable weekly close above $108,381 to maintain the historical demand area despite recent downward movements.

Altcoin Outlook

Crypto sentiment has improved slightly, moving out of the ’extreme fear’ area as indicated by the Crypto Fear & Greed Index.

The index registered a score of 29/100 on Sunday, reflecting a seven-point rise from recent six-month lows. Luke Martin, a noted crypto analyst, pointed out that altcoins heavily weigh on general market sentiment.

Martin posted a chart showcasing the performance of Binance’s top 50 altcoin futures, indicating their current levels are below where they stood after the FTX crash.

“This chart perfectly illustrates why sentiment is bearish/tired even though $BTC remains above $100k,” he remarked.

The implosion of FTX fundamentally altered the market and primed it for a bear market at the end of 2022. This article does not provide financial advisement; investments and trading involve substantial risk. Always perform thorough research.