Bitcoin weekly close must hit this $108K+ level to rescue key ‘demand area’

Bitcoin's price has become volatile as it approaches a critical reclaim level, with liquidations exceeding $200 million in a single day. Analysts highlight that a weekly close above $108,400 is essential for sustaining the bullish market range. Currently, Bitcoin is showing local highs around $108,260 after moments of downward pressure below $104,000. The market remains reactive, with trader Daan Crypto noting that increased volatility is likely because of diminished liquidity after previous liquidation events. Despite recent fluctuations, a positive weekly close could confirm Bitcoin's strength above the historical demand area. Meanwhile, altcoin performance affects overall market sentiment, with many top altcoins underperforming compared to their values post the 2022 FTX crash. This trend has created a bearish atmosphere, despite Bitcoin's market value sustaining above $100K. The recent increase in the Crypto Fear & Greed Index suggests a shift away from extreme fear, but analysts remain cautious about altcoins' impact on the market's sentiment and potential recovery.

Source 🔗