- Bitcoin (BTC) reached its highest price levels since Aug. 10, surpassing $29,500.
- The weekend saw flat trading conditions followed by a brief dip to $29,000 support.
- A trader noted the presence of a potential “spoof” sell wall to suppress the spot price.
- The key resistance zone for bulls to flip remains at $29,700.
- Despite the lack of volatility, a rebound may be near for BTC/USD according to an analyst.
- The U.S. dollar index (DXY) saw a rebound but faces a potential breakout or rejection.
Bitcoin (BTC) hit multiday highs after the Aug. 14 Wall Street open as modest volatility trickled through to the market. The highest BTC price levels since Aug. 10 were recorded, with a trip past $29,500.
Unusually flat trading conditions during the weekend, followed by a brief dip to $29,000 support, are now giving way to more interesting behavior. Popular trader Daan Crypto Trades noted the presence of a “spoof” sell wall above the price, potentially aimed at pushing it down. However, this indicates that there is some action happening in this price region. The key resistance zone for bulls to flip remains at $29,700.
Despite the lack of volatility, a rebound could be near for BTC/USD. The most recent weekly close was slightly above the key $29,250 level that bulls need. This suggests that a breakout attempt may be on the horizon.
The week’s macro movements saw U.S. equities mildly rise while the U.S. dollar strength weakened. The dollar almost reached its July peak above 103.5 before turning lower. However, there has been a significant bounce in the U.S. Dollar Index (DXY) over the past month, which traditionally acts as a headwind for crypto market performance.
Analysts predict a potential breakout or rejection. Stock market bulls want a rejection, while bears want a breakout.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.