Crypto Phenomenon Marks Top In Bitcoin: Could a Downfall Come?

Crypto markets are leaving behind a more active seven days than in the past weeks. In light of the mixed macro data reverberating around the world Bitcoin (BTC)is preparing to close the week above $20,000 again after 40 days.

The leading cryptocurrency tried to break the $21,000 level twice during the week but faced selling.

Capo, one of the phenomenon analysts of the crypto community, shared his expectations about the market with his followers on Twitter.

Quick update:

Shitcoins pumping and $BTC distributing between 20500-21200, as expected.

In my opinion, top is in for $BTC and $ETH, but some altcoins could pump more. Not entering any new long positions and just trailing my stops in profits (altcoins). I will fully TP soon. https://t.co/DE3aW5HQr8

— il Capo Of Crypto (@CryptoCapo_) October 30, 2022

Capo said on Twitter that the $20,500-21,000 levels could be a local top for Bitcoin. According to the analyst, unless there is a strong upward wave in BTC from here, Bitcoin will withdraw again. Capo also stated that he will receive profits from his trades in the near future.

The term that draws attention in the sharing of the phenomenon is “shitcoin” it happened. Capo described altcoins that have risen so much this week as “garbage.” The analyst apparently implicitly DOGE and Shiba Inu criticizes.

Latest Status in Bitcoin

The ancestor of cryptocurrencies could not stay above $21,000 during the week. Traded around $20,700 as of writing. BTC Here are some critical support and resistance for:

• Next resistance if BTC can hold above $21,000. 21,850$ level.
• Possible downside supports are, respectively. 20,000, 19,650, 19.250 and $18,900.

Almost all markets were mixed this week. FED and ECB officials continue their hawk statements. According to experts, the market is pricing in the fact that tight monetary policies will end towards the middle of 2023. However, the ECB continued its aggressive rate hikes with its meeting this week.