Analysts conclude that Bitcoin’s previous days’ trips above $21,000 could be the last for now. They are voicing concerns about a deeper pullback for Bitcoin. Meanwhile, BTC continues to consolidate at the weekly close of October 30.
Analysts warn for Bitcoin!
TradingView data showed that on the day, BTC quickly circled below $21,000. Koindeks.com As you’ve followed on , the weekend trade yielded an early return above the $21,000 mark. This was short-lived as Bitcoin bulls failed to offer volume to sustain higher levels. Now, the analyst nicknamed Crypto Capo says there is finally a change of sides for both Bitcoin and altcoins.
Altcoins also performed strongly over the weekend. In particular, Dogecoin (DOGE), which has risen nearly 100% in the last week, has led the way. Thus, DOGE saw its highest level in six months. Crypto Capo makes the following statement in a new Twitter post:
Peak for BTC and ETH in my opinion. However, it is possible that some altcoins will see more pumps. I’m not going to randomly enter a new long position. I will only follow the stops of altcoins in profit. I’ll be doing full TP soon.
Snowmaking has already been a hot topic lately. On-chain indicators suggest that the lure will be worthwhile if Bitcoin crosses $21,000 more convincingly. Responding to Crypto Capo, fellow analyst Mark Cullen gives a precedent caveat on short-term market power. In this context, the analyst says:
Altcoins/ETH in particular ran, while Bitcoin spent a little too much time under 21k compared to my preference. However, if you break the gold zone, I would consider a quick top push first. If he loses $20.4k, I’ll start questioning everything.
‘Uptober’ is on the sideways 7% exit
Crypto analyst William Suberg points out the following technical levels for BTC. On the daily chart, BTC managed to surpass the 50-day MA during the week. As such, it rose against the 100-day moving average (MA).
According to the weekly and monthly charts, October 30 tried to present Bitcoin’s highest weekly candle close since mid-September.
At current prices, Bitcoin rose 7% this mid-October, according to data from monitoring resource Coinglass. This was the third lowest performance since 2013.