Bitcoin (BTC) continued to move sideways on November 7 amid warnings that now is “not the time” to sell BTC.
1 hour light chart BTC / USD (bit print). Source: TradingView
“There is no time to sell”
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD rate remained around $ 62,000 throughout Sunday.
The pair remained unchanged over the weekend as market participants waited for signals of upward or downward volatility.
While the impatience was palpable as the week wore on, words of warning came from those looking at longer time frames and historical price patterns.
“What happens during the sideways growth of bitcoins like now? Buyers and sellers exchange coins with each other. Buyers buy a little. Sellers sell little, ”summarizes Rekt Capital to its Twitter followers.
“But if you think about where the USD BTC will go in the coming months: you realize that now is not the time to sell.”
Others looked at the close of the week for bullish signals. For the popular Twitter account TechDev, the two-week close above the key Fibonacci level meant that BTC / USD repeated its progress.
On Saturday, he noted that “the two-week candlelight vigil, which reached 1,618 people, is what sent all of 2013. It is currently being consolidated. ”
At the same time, price movements between 2017 and 2021 are still strangely similar – this year is within historical parameters, Cointelegraph reports.
BTC / USD comparison. Source: TechDev / Twitter
High prices correspond to the minimum level of interest
Looking beyond the behavior of the spot market, the sentiment was undoubtedly bullish – not only for bitcoins, but also for ether (ETH), solana (SOL) and altcoins in general.
On the subject: Bitcoin Consolidation “Normal” – analysts have set a target price of BTC at $ 80,000.
In the midst of persistently high price expectations, ETH / USD continued to build on recent records, while other top 10 cryptocurrencies by market value hit record highs.
Only consumer interest continued to lag behind market dynamics. Google Trends data for Bitcoin highlighted the lack of activity related to price action.
