– Bitcoin (BTC) price edges higher as the Wall Street trading week begins, building on a weekly close that gave cause for cautious optimism.
– BTC reached multiday highs after the Aug. 14 Wall Street open, marking the highest price levels since Aug. 10.
– Unusually flat trading conditions over the weekend are now giving way to more interesting behavior in the market.
– A “spoof” sell wall may be in place to suppress the spot price, but it indicates some action in the books in this price region.
– BTC remains below a key resistance zone at $29,700 for bulls to flip and continue the upward momentum.
– The latest weekly close above $29,250 suggests a rebound could be near for BTC/USD.
– The U.S. dollar strength waned at resistance last seen in July, potentially signaling a breakout or rejection incoming.
– The past month has seen a significant bounce in the U.S. Dollar Index (DXY), which traditionally acts as a headwind for crypto market performance.