The previous days’ trips above the $21,000 mark could be Bitcoin’s last for the time being, fresh analysis concludes.
Bitcoin continued consolidating into the Oct. 30 weekly close as concerns over a deeper retracement became vocal.
Trader avoids new longs below $21,000
Data from TradingView showed BTC/USD circling 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 offer the volume to sustain higher levels.
Now, popular trader and analyst Il Capo of Crypto sensed a change of direction was ultimately due for Bitcoin and altcoins alike.
Altcoins themselves had also performed strongly through the weekend, notably led by Dogecoin, which was up another 25% in the past 24 hours at the time of writing and at six-month highs.
“In my opinion, top is in for $BTC and $ETH, but some altcoins could pump more,” he wrote in part of a fresh Twitter update.
“Not entering any new long positions and just trailing my stops in profits (altcoins). I will fully TP soon.”
Profit-taking was already a hot topic in recent days, with on-chain indicators suggesting that the temptation would become considerable should Bitcoin pass $21,000 more convincingly.
Responding to Il Capo of Crypto, fellow trader Mark Cullen voiced similar caution over the short-term market strength.
Bitcoin, he said, had “spent a bit too long under 21k for my liking, while Alts / ETH in particular have run.”
“BUT, break the golden zone and i would consider a quick push higher first. Lose 20.4k and i start to question everything,” he tweeted.
“Uptober” on track for sideways 7% gains
On the daily chart, BTC/USD was up against the 100-day moving average (MA), having managed to beat out the 50-day MA over the week.
Turning to the weekly and monthly charts, October 30 looked to offer Bitcoin’s highest weekly candle close since mid-September.
At current prices, Bitcoin was meanwhile up 7% in October, still its third-weakest performance since 2013, according to data tracked by monitoring resource Coinglass.