BTC price struggles at $21,000 as trader says ‘top is in’ for Bitcoin, Ethereum
Bitcoin (BTC) continued to consolidate into the October 30 weekly, as concerns over a deeper retracement became vocal.
Trader avoids new longs below $21,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circle levels just below $21,000 on the day.
Weekend trading had produced an early return above the $21,000 mark, this short-lived as Bitcoin bulls failed to provide the volume to sustain higher levels.
Now popular Crypto trader and analyst Il Capo felt that a change in direction was ultimately due to both Bitcoin and altcoins.
Altcoins themselves had also performed strongly over the weekend, notably led by Dogecoin (DOGE), which was up another 25% in the past 24 hours at the time of writing and at six-month highs.
“In my opinion, the top is in for $BTC and $ETH, but some altcoins can pump more,” he wrote as part of a recent Twitter update.
“Not going into any new long positions and just following my stops in profit (altcoins). I want to TP soon.”
Profit-taking was already a hot topic in recent days, with on-chain indicators suggesting that the temptation would be significant if Bitcoin passed $21,000 more convincingly.
In response to Il Capo of Crypto, fellow trader Mark Cullen expressed similar caution over short-term market strength.
Bitcoin, he said, had “spent a little too long below 21k for my liking, while Alts/ETH in particular have been running.”
“BUT, break the golden zone and I’d consider a quick push higher first. Lose 20.4k and I’m starting to question everything,” he tweeted.
“Uptober” on track for sideways 7% gain
On the daily chart, BTC/USD was up against the 100-day moving average (MA), having managed to break out of the 50-day MA during the week.
Related: Bitcoin price due to fall below $20,000, traders warn as miners ‘capitulate’
In terms of the weekly and monthly charts, October 30 appeared to offer Bitcoin’s highest weekly candle close since mid-September.
Meanwhile, at current prices, Bitcoin was up 7% in October, still its third-weakest performance since 2013, according to data tracked by monitoring resource Coinglass.
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