Bitcoin (BTC) hit multi-day highs after Wall Street opened on Aug. 14 amid moderate market volatility.
Bitcoin traders take ‘some action’ after lackluster weekend
Data from Cointelegraph Markets Pro and transaction view Bitcoin broke through $29,500, its highest level since Aug. 10.
The unusually lackluster trading conditions, followed by a brief dip to support at $29,000, made up the weekend’s price action, which now appears to have given way to more interesting behaviour.
Popular trader Daan Crypto Trades analyzed the current setup on the exchange’s order books, noting that it could be a “spoofed” sell wall in place to suppress spot prices.
“The prices are just too high. It’s supposed to be to drive down prices. Usually these big orders are cheat orders with no intention of actually being filled,” he said. Tell X-subscribers.
“It does suggest that there is some action happening on the books in this price region.”
Still, Bitcoin remains below a key resistance zone for bulls to reverse, with $29,700 remaining the floor for continued gains.
“Bitcoin will soon challenge a multi-week series of lower highs for a breakout,” said popular trader and analyst Rekt Capital. expected Today, refer to the weekly time frame.
Despite the lack of volatility, the latest weekly close was significant, closing just above the key level of $29,250 needed by bulls.
As a result, BTC/USD “may be about to rally,” says Rekt Capital.
#BTC Weekly candle close just above $29250 level (black)
and already bitcoin dollar This week showed early signs of a successful retest of the $29,250 support
Coupled with a diamond bottom, a rally could be around the corner#cryptocurrency #bitcoin pic.twitter.com/AmV2NLiY4Z
— Rekt Capital (@rektcapital) August 14, 2023
Dollar stalls after rebounding 4%
The macro move kicked off the week with modest gains in US equities, while dollar strength eased from resistance it encountered in July.
Related: BTC Price To Break Out By End Of August?5 Things to Know About Bitcoin This Week
The US dollar index (DXY) nearly matched its July high on the day above 103.5 before turning lower.
Over the past month, the U.S. dollar index has rebounded sharply from lows below 100 – which has traditionally been a headwind for cryptocurrency market performance.
Caleb Franzen, senior market analyst at Cubic Analytics, analyzed the situation, forecast “Breakthrough or denial comes”.
“Stock market bulls want rejection. Stock market bears want breakout,” some commentaries said.
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This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
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