This week has marked Bitcoin’s highest-ever closing price on the weekly chart at $106,516. The rise highlights that more people are interested in crypto, causing greater volatility and increased speculation.
Based on Alex Thorn’s market analysis, Bitcoin closed the week at $106,500. The confirmation aligns with data from platforms monitoring historical trading metrics and candle closes.
CoinGlass has found that crypto liquidations amounted to over $645 million in the past 24hours due to the risky environment. Some of the liquidation happened because large short holders in the market missed the rise in Bitcoin’s value.
On Lookonchain, major traders were found to have aggressively shorted Bitcoin and various other coins through Hyperliquid and several other platforms. Earning $15 million in profits, the same trader showed that active trading is still a main characteristic of Decentralized Finance.
A number of analysts predict that the recent growth could carry Bitcoin to new intraday highs. Many bulls are encouraged because of the healthy weekly close and the continuous involvement of institutions in cryptocurrencies.
Increased Market Activity as Traders React to Record Weekly Close
There has been increased interest in digital currencies recently, because of the uncertainty affecting international economies. Many traders have increased their positions swiftly which is clear from the number of liquidations and short squeezes.
Many are keeping an eye on what could move Bitcoin in the coming days. More and more people are participating in the market, as exchanges are processing more transactions during the current surge.
People have also stepped up their trading in the world of decentralized finance, with some accounts moving large sums of money. Hyperliquid has drawn notice because of recent big transactions connected to the recent increase in prices.
According to crypto analysts, assessing both short- and long-term trends largely depends on how weekly candles close. Advancing to a record high price for the week usually signals that the market is strong with a lot of support.
It should be noted that this week ended with positive feelings in the market, but people still need to watch out since the crypto market is unpredictable. Individuals involved in crypto should remain cautious as Bitcoin approaches its greatest level yet and may even go higher.
