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

Bitcoin (BTC) hit multi-day highs after the Aug. 14 Wall Avenue open as modest volatility trickled by way of to the market.

Bitcoin merchants present “some motion” after flat weekend

Knowledge from Cointelegraph Markets Pro and TradingView tracked a visit previous $29,500, marking the very best BTC value ranges since Aug. 10.

Unusually flat buying and selling circumstances, adopted by a quick dip to $29,000 help, comprised weekend value motion, this now showing to present strategy to extra fascinating conduct.

Analyzing the present setup on alternate order books, standard dealer Daan Crypto Trades famous what could possibly be a “spoof” promote wall in place to maintain spot value suppressed.

“Fairly the wall above value. Supposedly to push value down. Usually these massive orders are spoof orders and don’t have any intention to really get crammed,” he told X subscribers.

“Does present that there is some motion happening within the books on this value area.”

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.

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 nearly Weekly Candle Closed above the ~$29250 degree (black)

And already $BTC is exhibiting very early indicators of efficiently retesting the ~$29250 degree as help this week

Coupled along with the Diamond-Formed backside, a rebound could possibly be close to#Crypto #Bitcoin pic.twitter.com/AmV2NLiY4Z

— Rekt Capital (@rektcapital) August 14, 2023

Greenback stalls after 4% rebound

The week’s macro actions opened with United States equities modestly up, whereas U.S. greenback energy waned at resistance final seen in July.

Associated: BTC price breakout by end of August? 5 things to know in Bitcoin this week

The U.S. greenback index (DXY) virtually matched its July peak above 103.5 on the day earlier than turning decrease. 

The previous month has seen a major bounce in DXY from lows of beneath 100 — one thing which historically acts as a headwind for crypto market efficiency.

Analyzing the state of affairs, Caleb Franzen, senior market analyst at Cubic Analytics, forecast a “breakout or rejection incoming.”

“Inventory market bulls desire a rejection. Inventory market bears desire a breakout,” a part of commentary said.

Journal: Deposit risk: What do crypto exchanges really do with your money?

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