Bitcoin is consolidating below the Fib level, which triggered the 2013 all-time high


Bitcoin (Bitcoin) Continue to trade sideways on November 7th because of the warning that it is “not time” to sell BTC.

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

“Now is not the time to sell things”

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hovered around 62,000 USD throughout Sunday.

As market participants waited for signs of rising or falling volatility, the currency pair continued to be flat over the weekend.

Although the impatience is obvious towards the end of the week, those who are looking at longer time frames and historical price patterns have issued a warning.

“What will happen during BTC sideways like this? Buyers and sellers are exchanging coins with each other. Buyers buy a little. Sellers sell a little,” Rekt Capital Summarize Twitter fans.

“However, if you consider the trend of BTC in the next few months: you will realize that now is not the time to sell.”

Others focus on the weekly closing for signs of bullishness.For the equally popular Twitter account TechDev, a two-week close at the key Fibonacci level would mean that BTC/USD is responding to its progress

“The two-week candlestick with a closing price above 1.618 is the full performance of 2013. It is now consolidating below,” he famous Saturday.

At the same time, the price performance between 2017 and 2021 is still surprisingly similar-just like Cointelegraph, this year it firmly placed it within historical standards Report.

BTC/USD comparison.Source: TechDev/Twitter

High price meets low price attention

Beyond the immediate market behavior, it is undeniable that market sentiment is still bullish-not only Bitcoin, but also Ether (Ethereum), Solana (Sol), and a wider range of altcoins.

related: Bitcoin integration is “normal”-analysts set a Bitcoin price target of $80,000

Continue high altitude Price forecasts, ETH/USD continue to build on recent historical highs, while other cryptocurrencies in the top ten cryptocurrencies by market value maintain record peak levels.

Only the interests of consumers, just like before, Lagging behind the market momentum. data Google Trends from “Bitcoin” emphasizes the lack of activities related to price action.

Google search activity for “Bitcoin”.Source: Google Trends