Bitcoin (BTC) Closes Prior Hour Down -0.08%; Heads Down For the 2nd Consecutive Day, Crosses 20 Day Moving Average, in an Uptrend Over Past 90 Days

The Hourly View for BTC

Last Updated April 9, 2021, 23:16 GMT

At the time of this writing, Bitcoin’s price is down $-43.65 (-0.08%) from the hour prior. The hourly chart shows that Bitcoin has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Daily Price Recap

Bitcoin is down 3.55% ($2058.37) since yesterday, marking the 2nd consecutive day a decline has happened. The price move occurred on stronger volume; specifically, yesterday’s volume was up 85.94% from the day prior, and up 4.7% from the same day the week before. On a relative basis, yesterday was pretty good: Bitcoin bested all 7 of the assets in the Top Cryptos class 🙂 Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

First things first: Bitcoin crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 10 days Bitcoin’s price has gone up 6 them.

Overheard on Twitter

Over on Twitter, here were the top tweets about Bitcoin:

  • From Travis_Kling:

    Been seeing some “Bitcoin is anti-American because it destabilizes the dollar as the world reserve currency” lately.Let’s be very clear. US elected & appointed officials have done that themselves. Totally independent of BTC. And it’s getting worse.#Bitcoin is the life raft.

  • From PeterSchiff:

    Gold’s decline on rising inflation data has nothing to do with Bitcoin. #Gold isn’t being sold because investor are hedging inflation with #Bitcoin instead, but because they believe there’s no need to hedge as a transitory rise in inflation will be contained by future rate hikes.

  • From ErikVoorhees:

    #bitcoin becomes the world’s reserve not by any central mandate or capitulating vote, but over a span of many years by a billion decision-makers, large and small, choosing at widening margins to hold value in a scarce asset, rather than a limitless alternative.

In terms of news links for Bitcoin here’s one to try:

Buyer and Seller Behavior: Analyzing Bitcoin’s Fundamentals

For informational purposes only and should not be considered investment advice, or a recommendation to buy, sell or hold any particular security or cryptocurrency….Source: ARK Investment Management LLC, Glassnode Supply in profit /loss measures the number of outstanding bitcoins with a profit or loss relative to their last transaction….Source: ARK Investment Management LLC, Glassnode Based on these metrics assessing the buying and selling of bitcoin, in Part 3 of this series we will analyze the third data layer of the pyramid and offer relative valuation metrics which help identify inefficiencies in bitcoin’s price.