Bitcoin (BTC) Price Near $57,387.02; Moves Down For the 2nd Straight Day

The Hourly View for BTC

Last Updated April 30, 2021, 23:16 GMT

At the time of this writing, Bitcoin’s price is up $229.13 (0.4%) from the hour prior. Bitcoin has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Bitcoin Daily Price Recap

Bitcoin is down 2.36% ($1296.36) since yesterday, marking the 2nd straight day it has gone down. The change in price came along side change in volume that was up 0.85% from previous day, but down 47.44% from the Thursday of last week. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 6th since yesterday in terms of percentage price change. Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Traders will also want to note, though, that a counter trend — meaning a trend going down — can be seen on the 30 day timeframe. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For additional context, note that price has gone down 11 out of the past 14 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 BullChain:

    normies want money fast. they also dont have a lot of capital to invest. realistically for them to double their $500 or $1,000 on bitcoin, $BTC would have to go to close to $120,000. They see that and think, nope… I’m buying cheap alts. we’re at that point. alts are the play.

  • From SJosephBurns:

    One thing people don’t understand about buy and hold investing is the big drawdowns even with the best stocks. $AMZN had a -93% drop from its dotcom highs after the year 2000. Even Bitcoin went from $14,000 back to $3,000 before climbing to $60,000. This is why I prefer to trade.

  • From RussellOkung:

    An entire generation of athletes moving into bitcoin is going to be wild.Imagine hundreds of millions injected into the market weekly from the sports industry.The craziest part is that the team owners don’t even get it yet!

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

Key Bitcoin price metric flashes its first bullish signal in 4 months

Ether longs vastly dominated throughout 2021, peaking at 130% larger than shorts, while Bitcoin traders have been usually more modest….Traders should not dismiss Friday’s BTC and Ether options expiry.