Bitcoin (BTC) Price Near $34,426.88; Moves Down For the 3rd Consecutive Day, in an Uptrend Over Past 90 Days

The Hourly View for BTC

Last Updated January 12, 2021, 03:016 GMT

At the time of this writing, Bitcoin’s price is up $11.16 (0.03%) from the hour prior. The hourly chart shows that Bitcoin has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 closed the day prior down 7.08% ($2706.05); this denotes the 3rd consecutive day it has gone down. The price move occurred on stronger volume; specifically, yesterday’s volume was up 103.37% from the day prior, and up 107.61% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 2nd since the day prior in terms of percentage price change. Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For another vantage point, consider that Bitcoin’s price has gone up 22 of the previous 30 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Bitcoin for the past day were:

  • From Nouriel:

    Bitcoin drops 25% from 41k to 31K in 2 days. 15% down in 24 hours. Most speculative, risky, scammed & manipulated pseudo-asset in human history. Its true value is still negative, not even 0, given the massive polluting externalities of its mining! A crappy environmental disaster!

  • From PeterSchiff:

    Very few institutional investors are buying #Bitcoin. It just that those few that are buying are extremely vocal about their positions. They need to convince others to buy to push up the price so they can sell. The financial media also gives them a platform to talk their books.

  • From naval:

    We’re transitioning through a temporary bug in the Internet’s history before we knew how to build open social protocols.At first, the Internet transferred data. Then, it transferred scarcity (Bitcoin). Then, computation (Ethereum). Coming up – identity and social graphs.

For a longer news piece related to BTC that’s been generating discussion, check out:

World’s 6th Largest Bank Is Blocking Bitcoin Transactions | Crypto Briefing

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