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

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

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Bitcoin (Bitcoin) continued its correction towards its weekly close on Oct. 30 as concerns over a deeper retracement were voiced.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Traders avoid new longs below $21,000

data from Cointelegraph Market Pro When TradingView BTC/USD circulating levels fell just below $21,000 on the day.

weekend trading go home early Above $21,000, this was short-lived as the Bitcoin bulls failed to provide the volume to sustain higher levels.

Now popular Crypto trader and analyst Il Capo felt that Bitcoin and altcoins needed to change course eventually.

The altcoin itself performed well throughout the weekend, conspicuously led Dogecoin (Doge), which was up another 25% in the last 24 hours at the time of writing and was the highest in six months.

“The top ones in my opinion are $BTC and $ETH, but some altcoins can generate more than that,” he said. I have written Part of the new Twitter update.

“I am not entering new long positions, I am tracking stops with profits (altcoins). I will be fully TPing soon.”

profit taking already topical More recently, on-chain indicators have shown that if Bitcoin passes $21,000 more convincingly, the temptation will be considerable.

In response to Crypto’s Il Capo, fellow trader Mark Cullen issued a similar warning about near-term market strength.

He said that bitcoin “was a bit too long under 21k for my taste, but Alts/ETH in particular performed well.”

“But I would consider breaking the golden zone and pushing up fast first. Losing 20.4k starts questioning everything,” he said. murmured.

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

‘Uptober’ is on track for a flat 7% gain

On the daily chart, BTC/USD is rising against the 100-day moving average (MA) and has broken above the 50-day moving average for a week.

Related: Bitcoin price falls below $20,000, traders warn amid claims miners are ‘surrendering’

50, 100MA BTC/USD 1-day candle chart (Bitstamp).Source: Trading View

Looking to the weekly and monthly charts, October 30th appeared to offer Bitcoin’s best weekly candlesticks since mid-September.

BTC/USD 1-week candlestick chart (Bitstamp).Source: Trading View

At current prices, Bitcoin rose 7% in October, its third weakest performance since 2013, according to data tracked by a monitoring resource. coin glass.

BTC/USD monthly return chart (screenshot).Source: Coinglass

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.