Bitcoin consolidates right below Fib level that triggered 2013 all-time highs

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

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

“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.

BTC/USD com­par­i­son. Source: TechDev/ Twitter

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.

Only con­sumer inter­est, as before, lagged behind mar­ket momen­tum. Data from Google Trends for “Bit­coin” high­light­ed the lack of activ­i­ty relat­ed to price action.

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



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