As the Wall Street trading week gets underway, BTC price moves trend upward as Bitcoin builds on a weekly closing that gave reason for cautious optimism.
Bitcoin hit multiday highs after the Aug. 14 Wall Street open as modest volatility trickled through to the market.
![Bitcoin Price Taps 4-Day High Near $29.6K, Signaling Possible Volatility cf3b727f 45bc 4475 8761 13a3d9ccc3fc](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/cf3b727f-45bc-4475-8761-13a3d9ccc3fc.png?ssl=1)
![Bitcoin Price Taps 4-Day High Near $29.6K, Signaling Possible Volatility cf3b727f 45bc 4475 8761 13a3d9ccc3fc](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/cf3b727f-45bc-4475-8761-13a3d9ccc3fc.png?ssl=1)
Bitcoin traders provide “some action” after flat weekend
Data from TradingView tracked a trip past $29,500, marking the highest BTC price levels since Aug. 10th. 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.
Related: Bitcoin Price Could 'Go Full Bull' in August if 200-Week Trendline Holds
“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.”
![Bitcoin Price Taps 4-Day High Near $29.6K, Signaling Possible Volatility 83d6d90f 090e 40ed 8db7 1f74a097b93a](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/83d6d90f-090e-40ed-8db7-1f74a097b93a.jpeg?ssl=1)
![Bitcoin Price Taps 4-Day High Near $29.6K, Signaling Possible Volatility 83d6d90f 090e 40ed 8db7 1f74a097b93a](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/83d6d90f-090e-40ed-8db7-1f74a097b93a.jpeg?ssl=1)
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.
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 July.
The U.S. Dollar Index (DXY) almost matched its July peak above 103.5 on the day before turning lower.
Related: Traders Turn to SHIB, UNI, MKR and XDC as Bitcoin Price Sideways
The past month has seen a significant bounce in DXY from lows of under 100 — something that traditionally acts as a headwind for crypto market performance. Analyzing the situation, Caleb Franzen, senior market analyst at Cubic Analytics, forecast a “breakout or rejection incoming.”
”Stock market bulls want a rejection. Stock market bears want a breakout,” part of commentary stated.
![Bitcoin Price Taps 4-Day High Near $29.6K, Signaling Possible Volatility 70cc7bed a006 4302 a2c7 39ac3e95fd3b](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/70cc7bed-a006-4302-a2c7-39ac3e95fd3b.png?ssl=1)
![Bitcoin Price Taps 4-Day High Near $29.6K, Signaling Possible Volatility 70cc7bed a006 4302 a2c7 39ac3e95fd3b](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-08/70cc7bed-a006-4302-a2c7-39ac3e95fd3b.png?ssl=1)
source: cointelegraph