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

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

Bitcoin consolidates right below Fib level that triggered 2013 all-time highs
BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

“Not the time to be promoting”

Knowledge from Cointelegraph Markets Pro 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 worth 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 consider the place $BTC will go over the subsequent months: You realise now isn’t the time to be promoting.” 

Others eyed the weekly shut for indicators of bullishness. For fellow common 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 absolutely despatched 2013. Consolidating proper beneath now,” he noted Saturday.

On the similar time, the price-performance between 2017 and 2021 stays uncannily comparable — firmly putting this 12 months inside historic norms, as Cointelegraph reported.

Bitcoin consolidates right below Fib level that triggered 2013 all-time highs
BTC/USD comparability. Supply: TechDev/ Twitter

Worth highs meet lows in consideration

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

Associated: Bitcoin’s consolidation is ‘normal’ — Analysts set $80K BTC price target

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

Solely shopper curiosity, as before, lagged behind market momentum. Data from Google Traits for “Bitcoin” highlighted the dearth of exercise associated to cost motion.

Bitcoin consolidates right below Fib level that triggered 2013 all-time highs
Google search exercise for “Bitcoin.” Supply: Google Traits