Bitcoin is consolidating just below the Fibonacci level that triggered historic spikes in 2013

Bitcoin (BTC) continued sideways trading on Nov. 7, amid warnings that “now is not the time” to sell BTC.

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

“This is not the time to sell”

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair hovered around $ 62,000 all Sunday.

The pair had remained flat over the weekend as market participants waited for signs of volatility up or down.

Bitcoin is consolidating just below the Fibonacci level that triggered historic spikes in 2013
Bitcoin is consolidating just below the Fibonacci level that triggered historic spikes in 2013

While the impatience was felt towards the end of the week, the words of caution came from those looking at extended periods of time and historical price patterns.

“What happens during a minor period for BTC like now? Buyers and sellers exchange currencies among themselves. Buyers buy a little. Sellers sell a little “, summarized Rekt Capital to Twitter followers.

“But if you think about where $ BTC is going in the next few months, you will see that now is not the time to sell.”

Others watched the week close for signs of optimism. For the popular TechDev Twitter account, a two-week close above a major Fibonacci level would mean the BTC / USD pair was reflecting its progress to “close a 2-week candle above 1.618, which is what it was looking for. Close.” 2013. Consolidation just down now, ” pointed out Saturday.

At the same time, the price-performance ratio between 2017 and 2021 remains astonishingly similar and this year is firmly on the historical scale, as Cointelegraph reported.

BTC / USD comparison. Source: TechDev / Twitter

High prices meet minimal attention

Looking beyond immediate market behavior, sentiment remained undeniably bullish, not just on Bitcoin, but also on Ether (ETH), Solana (SOL) and Altcoins in general.

Amid the continuous predictions of sky high prices, The ETH / USD pair continued to build on recent historical highs while others held record highs in the top ten cryptocurrencies by market cap.

BTC will go up

ETH will rise

Your shitcoins will likely go up.

Be happy.

Only consumer interest remained behind the market dynamics. Google Trends data for “Bitcoin” showed the lack of activity related to price promotions.

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

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