Bitcoin (BTC) continued sideways trading on November 7 amid warnings that now is “not the time” to sell BTC.
“This is not the time to sell”
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair hovered near $ 62,000 throughout Sunday.
The pair had continued a flat period over the weekend, as market participants waited for signs of volatility up or down.
While the impatience was palpable as the end of the week approached, the words of caution came from those looking at longer time frames and historical price patterns.
“What happens during a side period for BTC like now? Buyers and sellers are exchanging currencies with each other. Buyers buy a little. Sellers sell a little “, summarized Rekt Capital to Twitter followers.
“But if you think about where the $ BTC will go in the next few months: you will realize that now is not the time to sell.”
Others watched the weekly close for signs of optimism. For the popular TechDev Twitter account, a two-week close above a key Fibonacci level would mean that the BTC / USD pair was echoing its progress to “close a 2-week candle above 1.618 is what it sent for. complete 2013. Consolidating just below now “, he pointed Saturday.
At the same time, The price-performance ratio between 2017 and 2021 remains astonishingly similar, placing this year firmly within historical norms, as Cointelegraph reported.
High prices meet lows of attention
Looking beyond the immediate market behavior, the mood remained undeniably bullish, not just in Bitcoin, but also in Ether (ETH), Solana (SOL), and altcoins in general.
In the midst of the continuous predictions of sky-high prices, The ETH / USD pair continued to build on recent all-time peaks, while others in the top ten cryptocurrencies by market cap held record highs.
BTC is going to pump,
ETH is going to pump,
your shitcoin is probably going to pump.
– Galaxy (@galaxyBTC) November 6, 2021
BTC is going to go up,
ETH is going to go up,
your shitcoins are probably going to go up.
Only consumer interest, as before, lagged behind the market momentum. Google Trends data for “Bitcoin” highlighted the lack of activity related to price action.