Bitcoin Sets New Weekly Close Goal Over $108,300 – What’s Next?

Crypto markets experienced heightened volatility as Bitcoin approached a critical price level, with traders watching closely for a potential breakout that could sustain the ongoing bullish trend. Meanwhile, the broader sentiment remains cautious, influenced by recent liquidations and bearish altcoin performance, highlighting the complex dynamics shaping the current crypto landscape.

Bitcoin needs to reclaim $108,400 to maintain its bullish momentum and potentially trigger a sustained rally.

Market volatility surged into the weekly close, fueled by thin order books and over $200 million in 24-hour liquidations.

Altcoin futures continue to reflect lingering bearish sentiment, with top tokens trading below post-FTX crash levels.

Improved market sentiment was seen as the Crypto Fear & Greed Index moved out of the “extreme fear” zone.

Bitcoin (BTC) signaled increased volatility into Sunday’s weekly close as traders eyed a crucial support and resistance level. The leading cryptocurrency approached a key reclaim zone, with analysts suggesting that a sustained move above $108,400 could keep the bullish narrative alive. Price data from Cointelegraph Markets Pro and TradingView indicated BTC/USD peaked at $108,260 in local trading, after experiencing a dip below $104,000 earlier in the week.

Following a turbulent end to the traditional finance trading week, which saw Bitcoin’s price slide sharply, market participants observed cooling sell-side pressure as the market approached the weekend. Popular trader Daan Crypto Trades noted, “Volatility is high due to the thin order books after last week’s market flush.” He predicted continued turbulence, emphasizing that “thin order books, combined with weekend trading and emotional traders, lead to volatile moves on small timeframes.”

The latest data from CoinGlass reveals over $200 million in crypto liquidations within the past 24 hours, underscoring the market’s fragile state. Both bid and ask liquidity have increased slightly on exchanges, hinting at a cautious stance among traders ahead of the weekly close.

Market analyst Rekt Capital provided an optimistic outlook, suggesting that Bitcoin remains near a critical support zone. He commented, “Bitcoin is close to ending the week with a positive close above $108,381, which would help preserve the key weekly demand area despite some downside wicks.” His weekly chart analysis indicated that the asset remains in a zone that could support further gains if momentum holds.

BTC/USD one-week chart. Source: Rekt Capital/X

Altcoin Futures Highlight Lingering Bearish Sentiment

Crypto market sentiment improved slightly, with the Crypto Fear & Greed Index moving out of “extreme fear” to a reading of 29/100, up from recent lows. However, the general outlook remains cautious as altcoin futures reflect a persistently bearish trend.

Trader Luke Martin, host of the STACKS podcast, pointed out that investor sentiment for altcoins remains weak. Sharing a chart by Robuxio’s Chris Jack on X, Martin highlighted that many top Binance altcoins are trading below their post-FTX crash levels from 2022. He emphasized that despite Bitcoin holding above $100,000, sentiment remains bearish and weary among traders due to the prolonged downturn and asset underperformance.

“A basket of the top 50 altcoins now trading BELOW where they were post-FTX crash in 2022.”

This ongoing weakness underscores how the collapse of FTX has cast a long shadow over the broader crypto sector, continuing to influence market dynamics well into 2023. As traders navigate thin liquidity and volatile price action, continued caution is expected until more decisive bullish signals emerge.

This evolving market landscape highlights the importance of cautious trading strategies amid ongoing volatility, with key resistance levels and macroeconomic factors likely to shape the next moves in the cryptocurrency space.

This article was originally published as Bitcoin Sets New Weekly Close Goal Over $108,300 – What’s Next? on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.