Bitcoin consolidates right below Fib level that triggered 2013 all-time highs
Technical data contrasts with sideways price action as analyst warns not to sell BTC at $62,000.
Bitcoin (BTC) continued to track sideways on Nov. 7 amid warnings that now is “not the time” to sell BTC.
“Not the time to be selling”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering near $62,000 throughout Sunday.
The pair had continued a flat period over the weekend, as market participants waited for signs of volatility up or down.
While impatience was palpable as the week drew to close, words of caution came from those eyeing longer timeframes and historical price patterns.
“What goes on during a sideways period for BTC like now? Buyers & sellers are exchanging coins with each other. Buyers buy a bit. Sellers sell a bit,” Rekt Capital summarized to Twitter followers.
“But if you think about where $BTC will go over the next months: You realise now is not the time to be selling.”
Others eyed the weekly close for signs of bullishness. For fellow popular Twitter account TechDev, a two-week close over a key Fibonacci level would mean BTC/USD was echoing its progress fro
“Closing a 2-week candle above the 1.618 is what fully sent 2013. Consolidating right below now,” he noted Saturday.
At the same time, the price-performance between 2017 and 2021 remains uncannily similar — firmly placing this year within historical norms, as Cointelegraph reported.
Price highs meet lows in attention
Looking beyond immediate market behavior, the mood remained undeniably bullish — not only on Bitcoin, but Ether (ETH), Solana (SOL), and altcoins more broadly.
Related: Bitcoin’s consolidation is ‘normal’ — Analysts set $80K BTC price target
Amid continued sky-high price predictions, ETH/USD continued to build on recent all-time highs, while others in the top ten cryptocurrencies by market cap retained record peak levels.
BTC is going to pump,
ETH is going to pump,
your shitcoin is probably going to pump.
— Galaxy (@galaxyBTC) November 6, 2021
Only consumer interest, as before, lagged behind market momentum. Data from Google Trends for “Bitcoin” highlighted the lack of activity related to price action.
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Author: William Suberg