BTC price struggles at $21K as trader says ‘top is in’ for Bitcoin, Ethereum

Bitcoin (BTC) continued consolidating into the Oct. 30 weekly shut as issues over a deeper retracement turned vocal.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer avoids new longs under $21,000

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD circling ranges just under $21,000 on the day.

Weekend buying and selling had produced an early return above the $21,000 mark, this quick lived as Bitcoin bulls failed to supply the amount to maintain larger ranges.

Now, common dealer and analyst Il Capo of Crypto sensed a change of path was in the end due for Bitcoin and altcoins alike.

Altcoins themselves had additionally carried out strongly by way of the weekend, notably led by Dogecoin (DOGE), which was up one other 25% previously 24 hours on the time of writing and at six-month highs.

“In my view, high is in for $BTC and $ETH, however some altcoins may pump extra,” he wrote in a part of a recent Twitter replace.

“Not coming into any new lengthy positions and simply trailing my stops in income (altcoins). I’ll absolutely TP quickly.”

Revenue-taking was already a sizzling subject in latest days, with on-chain indicators suggesting that the temptation would change into appreciable ought to Bitcoin move $21,000 extra convincingly.

Responding to Il Capo of Crypto, fellow dealer Mark Cullen voiced related warning over the short-term market power.

Bitcoin, he mentioned, had “spent a bit too lengthy below 21k for my liking, whereas Alts / ETH particularly have run.”

“BUT, break the golden zone and i might contemplate a fast push larger first. Lose 20.4k and that i begin to query all the things,” he tweeted.

BTC/USD annotated chart. Supply: Mark Cullen/ Twitter

“Uptober” on monitor for sideways 7% positive aspects

On the every day chart, BTC/USD was up in opposition to the 100-day transferring common (MA), having managed to beat out the 50-day MA over the week.

Associated: Bitcoin value due sub-$20K dip, merchants warn amid declare miners ‘capitulating’

BTC/USD 1-day candle chart (Bitstamp) with 50, 100MA. Supply: TradingView

Turning to the weekly and month-to-month charts, October 30 appeared to supply Bitcoin’s highest weekly candle shut since mid-September.

BTC/USD 1-week candle chart (Bitstamp). Supply: TradingView

At present costs, Bitcoin was in the meantime up 7% in October, nonetheless its third-weakest efficiency since 2013, in response to information tracked by monitoring useful resource Coinglass.

BTC/USD month-to-month returns chart (screenshot). Supply: Coinglass

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, you must conduct your individual analysis when making a call.

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