Bitcoin (BTC) attempted to retake $21,000 on Oct. 29 as weekend trading began on a strong footing.
Dollar lurks as BTC price rebounds
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it rebounded overnight to local highs of $21,078 on Bitstamp — enough to clinch new six-week highs.
The pair had seen a consolidatory phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since Sep. 13.
The subsequent retracement was modest in character, Bitcoin not even testing $20,000 before reversing higher once more.
The end of the Wall Street trading week saw BTC price action follow United States equities, the S&P 500 and Nasdaq Composite Index finishing Oct. 28 up 2.5% and 2.9%, respectively.
In his most recent Twitter update, popular trader and analyst Il Capo of Crypto maintained an existing theory over how short-term price action would unfold.
“Same same,” he summarized alongside a chart showing potential upside and downside target levels.
A cautionary macro note came from fellow trader John Wick, who warned that the United States dollar may make a return to pressure risk assets.
“Now we watch to see if we get a green Dot breaking above the Track line there,” he
