Bitcoin is consolidating just below the Fibonacci level that made all-time highs in 2013 – News Couple
CRYPTO NEWS

Bitcoin is consolidating just below the Fibonacci level that made all-time highs in 2013


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

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

‘No time to sell’

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying near $62,000 throughout Sunday.

The pair continued in a flat period over the weekend, as market participants waited for up or down volatility signals.

While impatience was palpable as the week drew to a close, words of warning came from those eyeing the longer time frames and historical price patterns.

“What happens during a BTC sideways period like now? Buyers and sellers exchange coins with each other. Buyers buy a little. Sellers sell a little,” Rekt Capital sum up For Twitter followers.

“But if you think about where the BTC dollars are going in the coming months: you realize now is not the time to sell.”

Others looked at the weekly close for bullish signals. For popular Twitter account TechDev, a two-week close above the key Fibonacci level meant that BTC/USD was echoing back and forth its advance.

“A two-week candle close above 1.618 is what sent all of 2013. Consolidation below now,” pointed Saturday.

At the same time, price performance between 2017 and 2021 is still strangely similar — putting this year firmly within historical parameters, Cointelegraph reported.

BTC/USD comparison. Source: TechDev / Twitter

High prices meet the lowest levels of interest

Looking beyond spot market behaviour, the mood has undoubtedly remained bullish – not just on Bitcoin, but on Ether (ETH), Solana (SOL), and altcoins more broadly.

Related: Bitcoin Consolidation ‘Normal’ – Analysts Set $80K BTC Price Target

continue middle the sky is high Price Predictions, ETH/USD continues to build on recent all-time highs, while others in the top ten cryptocurrencies by market capitalization hold record peaks.

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

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