Bitcoin (BTC) Closes Last Hour Down $-199.22; 2 Day Down Streak Ended, Makes Big Move Relative to Two Week Trend, But Still in a Downtrend Over Past 30 Days

The Hourly View for BTC

Last Updated June 10, 2021, 08:016 GMT

At the time of this writing, Bitcoin’s price is down $-199.22 (-0.54%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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

37391.58 (USD) was the opening price of the day for Bitcoin, resulting in yesterday being one in which price moved up 11.92% ($3982.2) from yesterday. As for how volume fared, yesterday’s volume was up 12.43% from the previous day (Tuesday), and up 117.42% from Wednesday of the week before. On a relative basis, yesterday was pretty good: Bitcoin bested all 7 of the assets in the Top Cryptos class 🙂 Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

First things first: Bitcoin crossed above its 20 day moving average yesterday. Volatility for Bitcoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 5 out of the past 10 days.

Overheard on Twitter

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

  • From michael_saylor:

    @Jason The question is do we have a natural right to life, liberty, & property, or do we need to ask permission from the state or some corporation to own assets, spend money, & breathe freely. #Bitcoin offers human rights to the oppressed & economic freedom to the financially repressed.

  • From NischalShetty:

    Day 952El Salvador becomes the first country to make #Bitcoin legal tenderNations that behave like startups have the potential to grow their economies rapidly.These are signs for India to go deeper into crypto, build the crypto ecosystem and grow fast 🚀#IndiaWantsCrypto

  • From MattBinder:

    bitcoin is great because it will free us from big government which is why this account is officially stanning the corrupt far right wing president of el salvador. no idea why he likes bitcoin so much (wonder if any of that’s related) but he did the laser eyes thing so i’m sold!