Bitcoin price is floating around $21K as a trader claims that this is the "local top" for Bitcoin and other cryptocurrencies.

Hikes above the $21,000 mark in previous days could be the last for Bitcoin, for now, the new analysis suggests.

Key points:

$21,000 could be the local top due to market weaknesses
Popular traders suggesting Bitcoin and altcoins are going to change their direction
This October has the third-weakest performance since 2013

Bitcoin continued to consolidate until a weekly close on October 30 as worries about a deeper rollback became loud.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

New longs below $21,000 are avoided by traders

On the day, BTC/USD was circling levels just below $21,000 according to Cointelegraph Markets Pro and TradingView.

Despite a return above $21,000 during weekend trading, Bitcoin bulls failed to offer the volume to sustain higher levels.

il Capo of Crypto, a popular pseudonymous trader, and analyst, suggests that Bitcoin and altcoins alike will eventually undergo a change in direction.

At the time of writing, Dogecoin, which is at a six-month high and up 25% in 24 hours, was one of the most successful altcoins through the weekend.

“In my opinion, the top is in for $BTC and $ETH, but some altcoins could pump more”, a recent tweet from il Capo of Crypto stated:

“Not entering any new long positions and just trailing my stops in profits (altcoins). I will fully TP soon.”

Recent on-chain indicators suggest that profit-taking may become more tempting if Bitcoin passes $21,000 convincingly in the coming days.

Trader Mark Cullen has a similar warning on the short-term market strength, as an il Capo of Crypto.

His tweet on Bitcoin: “spent a bit too long under 21k for my liking, while Alts / #ETH, in particular, have run. BUT, break the golden zone and I would consider a quick push higher first. Lose 20.4k and I start to question everything.”