Bitcoin (BTC) 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 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 (DOGE), 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…
