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

Bitcoin (BTC) continued consolidating into the Oct. 30 play adjacent arsenic concerns implicit a deeper retracement became vocal.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Trader avoids caller longs beneath $21,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling levels conscionable beneath $21,000 connected the day.

Weekend trading had produced an early return supra the $21,000 mark, this abbreviated lived arsenic Bitcoin bulls failed to connection the measurement to prolong higher levels.

Now, fashionable trader and expert Il Capo of Crypto sensed a alteration of absorption was yet owed for Bitcoin and altcoins alike.

Altcoins themselves had besides performed powerfully done the weekend, notably led by Dogecoin (DOGE), which was up different 25% successful the past 24 hours astatine the clip of penning and astatine six-month highs.

“In my opinion, apical is successful for $BTC and $ETH, but immoderate altcoins could pump more,” helium wrote successful portion of a caller Twitter update.

“Not entering immoderate caller agelong positions and conscionable trailing my stops successful profits (altcoins). I volition afloat TP soon.”

Profit-taking was already a hot topic successful caller days, with on-chain indicators suggesting that the temptation would go sizeable should Bitcoin walk $21,000 much convincingly.

Responding to Il Capo of Crypto, chap trader Mark Cullen voiced akin caution implicit the short-term marketplace strength.

Bitcoin, helium said, had “spent a spot excessively agelong nether 21k for my liking, portion Alts / ETH successful peculiar person run.”

“BUT, interruption the aureate portion and one would see a speedy propulsion higher first. Lose 20.4k and one commencement to question everything,” helium tweeted.

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

"Uptober" connected way for sideways 7% gains

On the regular chart, BTC/USD was up against the 100-day moving mean (MA), having managed to bushed retired the 50-day MA implicit the week.

Related: Bitcoin terms owed sub-$20K dip, traders pass amid assertion miners ‘capitulating’

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

Turning to the play and monthly charts, October 30 looked to connection Bitcoin’s highest play candle adjacent since mid-September.

BTC/USD 1-week candle illustration (Bitstamp). Source: TradingView

At existent prices, Bitcoin was meantime up 7% successful October, inactive its third-weakest show since 2013, according to information tracked by monitoring assets Coinglass.

BTC/USD monthly returns illustration (screenshot). Source: Coinglass

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.