Bitcoin Price Struggles at $21K
According to new research, the previous days’ travels above the $21,000 level may have been Bitcoin’s final for the time being. Bitcoin continued to consolidate until the weekly close on October 30 as concerns of a deeper drop became increasingly audible.
On the day, BTC/USD is looping levels close below $21,000.
Weekend trade provided an early comeback above $21,000. However, this was short as Bitcoin bulls failed to provide the volume required to sustain higher levels.
Now, prominent pseudonymous trader and analyst il Capo of Crypto believes Bitcoin and altcoins are set for a change in direction. Profit-taking has become a popular issue recently, with on-chain signs indicating that the temptation will become significant if Bitcoin passes $21,000 convincingly.
BTC/USD was up against the daily chart’s 100-day moving average (MA), beating out the 50-day MA over the week. Meanwhile, at current prices, Bitcoin was up 7% in October, the third-lowest performance since 2013. The sector this week was more optimistic than usual. After nearly two months of falling prices or a week of declines, things seemed to improve slowly.
Elon Musk, Tesla CEO, institutional Bitcoin HODLer, and Dogecoin-maxi finally finished his $44 billion Twitter purchase offer this week. Chainlink is trading at $7.77, up 8.4% in the last 24 hours.
Overnight, trading volume increased by 124% to $709.5 million. Interestingly, Ethereum’s daily chart offered an entirely different scenario, as most market indicators predicted that the price would continue to rise. The EMA (Exponential Moving Average) showed a bullish crossover.
Solana was on the verge of overtaking Ethereum’s market, including the NFT and DeFi industries. It saw a violent bull market with little support for a good recovery. The most serious problems with SOL have always been network-related.