Bitcoin (BTC) continued its sideways trajectory on November 7 amid warnings that now is “not the time” to sell BTC.
‘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.
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.
will pump BTC,
will pump ETH,
The shitcoin will probably pump.
– Galaxy (@galaxyBTC) November 6, 2021
Only consumer interest, as before, lagged behind the market momentum. Google Trends data for “Bitcoin” highlighted the lack of activity related to price action.