- Weekend trading had initially produced an early return above the $21,000 mark, but was short-lived on the back of thin volumes as bulls failed to offer the critical mass to sustain higher levels.
- With on-chain indicators suggesting that the temptation would become considerable should Bitcoin pass US$21,000 more convincingly, profit-taking has been evident with some fatigued investors looking to cash out.
Bitcoin, the largest cryptocurrency by market cap, continued consolidating into the dying days of October as concerns over a deeper retracement became palpable and a lack of bullish momentum to take the benchmark token over the threshold remain elusive.
On the daily chart, BTC/USD was up against the 100-day moving average (MA), having managed to beat out the 50-day MA over the week, but macro uncertainty may be causing some traders to take money off the table.
Turning to the weekly and monthly charts, the end of this month looks to offer Bitcoin’s highest weekly candle close since mid-September.
Weekend trading had initially produced an early return above the $21,000 mark, but was short-lived on the back of thin volumes as bulls failed to offer the critical mass to sustain higher levels.
Meanwhile, altcoins performed strongly through the weekend, notably led by Dogecoin, which was up another 25% on the back of expectations that Elon Musk’s takeover of Twitter would bode well for the meme token.
With on-chain indicators suggesting that the temptation would become considerable should Bitcoin pass US$21,000 more convincingly, profit-taking has been evident with some fatigued investors looking to cash out.
