Bitcoin teases new volatility as BTC price taps 4-day high near $29.6K

Bitcoin (BTC) hit multiday highs after the Aug. 14 Wall Street open as modest volatility trickled through to the market.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin traders provide “some action” after flat weekend

Data from Cointelegraph Markets Pro and TradingView tracked a trip past $29,500, marking the highest BTC price levels since Aug. 10.

Unusually flat trading conditions, followed by a brief dip to $29,000 support, comprised weekend price action, and this is now appearing to give way to more interesting behavior.

Analyzing the current setup on exchange order books, popular trader Daan Crypto Trades noted what could be a “spoof” sell wall in place to keep spot price suppressed.

“Quite the wall above price. Supposedly to push price down. Often these big orders are spoof orders and have no intention to actually get filled,” he told X (formerly known as Twitter) followers.

“Does show that there’s some action going on in the books in this price region.”BTC/USD annotated chart. Source: Daan Crypto Trades/X

Bitcoin, nonetheless, stayed below a key resistance zone for bulls to flip, with $29,700 still the line in the sand for continuation.

“BTC will soon challenge the multi-week series of Lower Highs for a breakout attempt,” popular trader and analyst Rekt Capital predicted on the day, referencing weekly timeframes.

BTC/USD annotated chart. Source: Rekt Capital/X

The latest weekly close was of significance despite the lack of volatility, coming in at just above the key $29,250 level that bulls required.

Rekt Capital thus suggested that “a rebound could be near” for BTC/USD.

#BTC has just about Weekly Candle Closed above the ~$29250 level (black)

And already $BTC is showing very early signs of successfully retesting the ~$29250 level as support this week

Coupled together with the Diamond-Shaped bottom, a rebound could be near#Crypto #Bitcoin

— Rekt Capital (@rektcapital) August 14, 2023

Dollar stalls after 4% rebound

The week’s macro movements opened with United States equities modestly up, while U.S. dollar strength waned at resistance last seen in…



Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *