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Bitcoin Weekly Close Needs to Stay Above $108K to Protect Key Demand Zone

Bitcoin’s price showed renewed volatility over the weekend as traders watched whether it could hold above the $108,000–$108,400 range before the weekly close. Analysts noted that this level remains critical for preserving the broader bullish market structure, which has been tested repeatedly over the past week. After a sharp drop below $104,000 during the traditional finance trading session, the market appeared to calm slightly as Bitcoin climbed back toward its key support zone.

Trader Daan Crypto Trades described the current setup as the beginning of an “interesting week ahead,” pointing to thin order books that continue to amplify every move. He explained on X that “volatility is definitely high here due to thin books after last week’s market flush,” adding that the combination of weekend trading and emotionally driven participants often produces erratic, short-term swings.

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$200 Million in Liquidations in 24 Hours

Fresh data from CoinGlass showed that total liquidations across the crypto market surpassed $200 million in just 24 hours. Both buying and selling liquidity thickened slightly across exchanges in the hours leading up to the weekly close, suggesting cautious positioning among traders.

Market analyst Rekt Capital commented that Bitcoin still has a chance to secure a positive weekly close above $108,381. Doing so, he said, would preserve a major historical demand zone that has acted as a strong area of interest on long-term charts. “Bitcoin is close to reclaiming the weekly demand zone despite temporary wicks below it,” he wrote, emphasizing that holding this level could help stabilize momentum after a volatile start to October.

Altcoin Futures Highlight Bearish Sentiment

The brief rebound in Bitcoin prices was enough to lift the Crypto Fear & Greed Index out of the “extreme fear” category. The index rose to 29 out of 100 on Sunday, up seven points from its six-month low earlier in the week. Still, overall market sentiment remains cautious, with many analysts pointing to the weakness in altcoins as the main reason investors remain hesitant.

Trader and podcast host Luke Martin shared data compiled by Chris Jack of Robuxio, showing that Binance’s top 50 altcoin futures are now trading below the levels seen immediately after the FTX crash in 2022. Martin noted, “This chart perfectly explains why sentiment feels exhausted, even with Bitcoin above $100K.” The comparison with the FTX fallout highlights how many altcoins have yet to recover, while Bitcoin continues to demonstrate relative strength within the broader market.

Bulls Aim to Reclaim Market Confidence

For now, Bitcoin’s ability to stay above $108,000 is seen as a key technical milestone that could help maintain bullish momentum and restore confidence among traders. A decisive weekly close below this zone, however, could invite another wave of volatility, especially given the still-thin liquidity and lingering caution across exchanges.

As the market heads into a new week, analysts expect conditions to remain unstable but not necessarily bearish. Many believe that if Bitcoin can continue consolidating above $108,000, it will reaffirm strong support going into the final stretch of October and potentially set the stage for renewed upside toward the end of the month.

Simonas Brazionis

Blockchain Expert

Simonas is a crypto and blockchain expert with 6 years of experience. Passionate about the industry he educates others on blockchain technology, and continuously expands his knowledge. He has helped many newcomers understand crypto, navigate investments, and stay informed about trends like DeFi and NFTs.