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


Bitcoin (BTC) continued to trace sideways on Nov. 7 amid warnings that now’s “not the time” to promote BTC.

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

“Not the time to be promoting”

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD lingering close to $62,000 all through Sunday.

The pair had continued a flat interval over the weekend, as market members waited for indicators of volatility up or down.

Whereas impatience was palpable because the week drew to shut, phrases of warning got here from these eyeing longer timeframes and historic value patterns.

“What goes on throughout a sideways interval for BTC like now? Patrons & sellers are exchanging cash with one another. Patrons purchase a bit. Sellers promote a bit,” Rekt Capital summarized to Twitter followers.

“But when you concentrate on the place $BTC will go over the subsequent months: You realise now shouldn’t be the time to be promoting.” 

Others eyed the weekly shut for indicators of bullishness. For fellow in style Twitter account TechDev, a two-week shut over a key Fibonacci stage would imply BTC/USD was echoing its progress fro

“Closing a 2-week candle above the 1.618 is what totally despatched 2013. Consolidating proper beneath now,” he noted Saturday.

On the identical time, the price-performance between 2017 and 2021 stays uncannily related — firmly inserting this yr inside historic norms, as Cointelegraph reported.

BTC/USD comparability. Supply: TechDev/ Twitter

Value highs meet lows in consideration

Wanting past instant market conduct, the temper remained undeniably bullish — not solely on Bitcoin, however Ether (ETH), Solana (SOL), and altcoins extra broadly.

Associated: Bitcoin’s consolidation is ‘regular’ — Analysts set $80K BTC value goal

Amid continued sky-high value predictions, ETH/USD continued to construct on current all-time highs, whereas others within the high ten cryptocurrencies by market cap retained report peak ranges.

Solely shopper curiosity, as earlier than, lagged behind market momentum. Information from Google Tendencies for “Bitcoin” highlighted the dearth of exercise associated to cost motion.

Google search exercise for “Bitcoin.” Supply: Google Tendencies