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- Over $200 million in crypto liquidations occurred in 24 hours as volatility spiked.
- Analysts say a weekly close above $108,400 is crucial for Bitcoin’s bull structure.
- Altcoins remain weak, trading below post-FTX crash levels.
Bitcoin’s price action turned turbulent heading into the weekly close, with traders eyeing a crucial reclaim level near $108,400. The leading cryptocurrency rebounded from sub-$104,000 levels earlier in the week, but volatility and thin liquidity continue to define the market mood.
Volatility Returns as Liquidations Top $200 Million
According to data from CoinGlass, over $200 million in crypto liquidations occurred within 24 hours as Bitcoin briefly touched $108,260. Analysts like Daan Crypto Trades highlighted that post-liquidation “thin order books” were fueling erratic weekend price swings.
“This combined with weekend trading and emotional positioning makes for highly volatile short-term moves,” Daan noted on X.
Despite the turbulence, Bitcoin maintained a fragile hold above $108,000 — a zone many traders view as key to preserving the broader bull market range.
Key Weekly Close Level in Focus
Analyst Rekt Capital pointed to $108,381 as a critical weekly close target, suggesting that reclaiming this level would “preserve the historical weekly demand area.” Bitcoin’s ability to hold this range could determine whether the current pullback remains a temporary shakeout or signals deeper downside risk.
While Bitcoin’s weekly performance remains mixed, market sentiment has started to recover from “extreme fear.” The Crypto Fear & Greed Index rose to 29/100 — up from six-month lows earlier in the week — reflecting cautious optimism among traders.
Altcoins Still Lag Behind
While Bitcoin steadies, altcoin markets remain under pressure. Data shared by analyst Luke Martin revealed that Binance’s top 50 altcoin futures are now trading below their post-FTX crash levels from 2022.
“This chart perfectly illustrates why sentiment is tired even though BTC is still above $100K,” Martin wrote, adding that altcoins’ prolonged underperformance continues to weigh on overall market confidence.
Outlook
Bitcoin’s immediate test lies in securing a weekly close above $108,400 — a reclaim that could stabilize market structure and renew bullish sentiment. Failure to do so, however, risks extending recent liquidations and dragging broader crypto prices lower.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
