Bitcoin price volatility returned into the weekly close with a key reclaim zone in sight, while liquidations exceeded $200 million in 24 hours.
Key points:
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Bitcoin can keep the bull market range in play if it reclaims $108,400 in the coming hours, says analysis.
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Volatility increases into the weekly close as thin order books see $200 million in 24-hour liquidations.
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Altcoin futures show just how traders have lost out since the last bear market bottom.
Bitcoin teased volatility into Sunday’s weekly close as price approached a key reclaim level.
Trader sees more BTC price volatility to come
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $108,260 local highs.
After a painful end to the TradFi trading week that saw Bitcoin dip below the $104,000 mark, sell-side pressure appeared to cool ahead of what X trader Daan Crypto Trades called an “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 that 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.”
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The latest figures from monitoring resource CoinGlass put total crypto liquidations for the 24 hours to the time of writing at more than $200 million.
Both bid and ask liquidity thickened around price on exchange order books hours before the weekly close.
“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,” trader and analyst Rekt Capital said while uploading the weekly chart to X.
Altcoin futures explain grim crypto sentiment
The relief from further downside was enough to lift crypto market sentiment out of the “extreme fear” zone, per data from the Crypto Fear & Greed Index.
Related: Bitcoin price ‘lines up nicely’ for $95K drop next despite bullish RSI data
The Index measured 29/100 Sunday, up seven points from six-month lows seen days before.
Commenting, crypto trader and analyst Luke Martin, host of the STACKS podcast, flagged altcoins as a major drag on the overall market mood.
In an X post Saturday, Martin uploaded a chart showing the performance of Binance’s top 50 altcoin futures. The chart was created by Chris Jack, chief growth officer of algorithmic crypto trading company Robuxio.
“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 referred to the implosion of crypto exchange FTX, which infamously sparked a major market drawdown and prepared crypto for its bear market bottom at the end of 2022.
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