Bitcoin Volatility Reaches 4-Day High at $29.6K, What Does It Mean for Crypto Stocks?

After the Aug. 14 Wall Street open, Bitcoin (BTC) hit multiday highs as

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Bitcoin traders offer “some action” after flat weekend

Data from Cointelegraph Markets Pro and TradingView showed a surge past $29,500, the highest BTC price since Aug. 10.

The weekend saw a sluggish trading environment, followed by a short dip to $29,000 support, and now it appears that more interesting activity is occurring.

Analyzing the current arrangement of orders on exchanges, the popular trader Daan Crypto Trades noted what could be a “spoof” sell wall to keep the spot price low.

“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 tweeted.

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

The well-known trader and analyst Rekt Capital predicted on the day that “BTC will soon challenge the multi-week series of Lower Highs for a breakout attempt” on the weekly timeframe.

The most recent weekly close was noteworthy despite the lack of volatility, coming in just above the important $29,250 level that bulls needed.

Thus, Rekt Capital 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.

The past month has seen a significant bounce in DXY from lows of under 100 — something that traditionally acts as a headwind for Rune Crypto, Terra Luna Crypto Today, Solo Crypto, Santos Crypto, Sushi Crypto, RSR Crypto, Stocks and Crypto, SLP Crypto, RLY Crypto, and Web 3.0 Books 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.