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 Cointelegraph Markets Pro and 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 being short-lived as Bitcoin bulls failed to offer the volume to sustain higher levels. Now, popular pseudonymous 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,” il Capo of Crypto wrote in part of a fresh Twitter update, adding:“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 tweeted, 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.”