By Mark Ackman
As of now, the trading price of Bitcoin is consolidating over the $20,000 level. This is a good sign for the bullish investors as many thought that the trading price of BTC would end up falling below $20k.
For now, the price of Bitcoin (BTC) has consolidated above the $20k mark, which is promising for investors. As BTC manages to stick over the level, it could easily pick up a rally and rise over $21k.
However, the present situation suggests that the investors are not ready to cross the $21k barrier. They are likely to sell BTC as it approaches $21k and generates gains than let it go past that level.
BTC Circled below $21,000
The report shows that the trading price of Bitcoin was circling levels that were right below $21,000 on October 30.
As the weekend began, the trading price of Bitcoin was able to rise over the $21,000 barrier. However, the rally was short-lived and soon, the sellers took over as they were after gains.
The bulls did attempt to sustain the incoming pressure at the higher level but it was futile. The number of sellers wanting to generate gains was much higher than the number of buyers.
As the short-position investors prevailed, the trading price of Bitcoin could be seen falling below the $21,000 mark.
Dogecoin Launched the Trend
It was quite surprising to see that this time, instead of BTC pushing the trend to the bullish side, it was DOGE that drove the trend.
As the news came in over the weekend of Elon Musk’s acquisition of Twitter, the trading price of DOGE started to notice a great rally.
In a matter of four days, DOGE has witnessed a 150% rally and in the past 24 hours, it was a 25% rally in favor of the meme coin.
Il Capo of Crypto’s Take on the Events
Il Capo of Crypto, one of the most popular and anonymous analysts in the world of crypto shared his findings on the matter.
He revealed that based on his data, Bitcoin and the altcoins have already reached their high point for the recent rally. The crypto will not go beyond the highest marks they have already hit during the weekend.
He did talk about Dogecoin in particular claiming that while the rest of the cryptocurrencies are done with rallies, DOGE may continue surging.
It was DOGE who started the trend this time and it is DOGE that would continue taking the trend further. It is because of the latest reports of Elon Musk acquiring Twitter.
As for Bitcoin, the analyst stated that Uptober has already served its purpose in the weekend trading sessions by helping BTC gain 7% value.
Therefore, investors may not invest more money into Bitcoin for now and a new rally may be witnessed in November.
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