After retesting the range lows, Bitcoin (BTC) has closed the week above a key area, momentarily preventing a breakdown to lower levels. Some market watchers suggested that reclaiming the local range highs this week will set the stage for another leg up, but an analyst warned of potential volatility in the coming days.
Bitcoin Holds Crucial Weekly Support
As the market moves sideways, Bitcoin has continued to trade within its local range between the $108,250-$111,140 levels since the start of the month. The cryptocurrency has shown mixed signals since the second half of August, failing to hold the crucial $109,000 level during the previous week.
Analyst Rekt Capital asserted that BTC was showing “early signs of weakness,” and could see a bearish confirmation if it failed to hold this key level in the weekly timeframe.
However, the flagship crypto surged to the range’s high over the past few days and closed the week at around $111,137, averting the potential breakdown
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