Bitcoin (BTC) Price Near $44,650.44; Pin Bar Pattern Appearing on Chart, in an Uptrend Over Past 90 Days, Heads Up For the 2nd Consecutive Day

The Hourly View for BTC

Last Updated February 11, 2021, 02:016 GMT

At the time of this writing, Bitcoin’s price is up $413.9 (0.94%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 is up 0.16% ($72.16) since the previous day, marking the 2nd consecutive day it has gone up. The price move occurred on volume that was down 22.45% from the day prior, but up 157.6% from the same day the week before. On a relative basis, Bitcoin was the worst performer out of all 7 of the assets in the Top Cryptos asset class during the previous day. Below is a daily price chart of Bitcoin.


Bitcoin Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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 VaushV:

    In all seriousness, im guessing the power usage is so high because it scales with the complexity of the tasks the GPU are meant to solve, and if those tasks weren’t complex the Bitcoin market would be way more volatile because mining would happen too fast?

  • From BitcoinBF:

    A reminder of something our friends and family need to learn. You don’t have to buy an entire #Bitcoin at $45k. You can buy $10, $100, $500 worth etc. Each Bitcoin is broken down into 100 million parts called Satoshis. (Just like one dollar is broken down into 100 cents). #BTC

  • From piratebeachbum:

    I am tired of hearing certain devs say, “What have you contributed to Bitcoin.” Listen here you pompous little shithead. I put my mother fucking corn in the game and I don’t really give a fuck about your opinion. As a matter of fact shut the fuck up and code me some new shit!

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

Elon Musk wants clean power. But Tesla’s carrying bitcoin’s dirty baggage | Reuters

“We hope that when Tesla’s bitcoin ventures are over, they will concentrate on measuring and disclosing to their market their full suite of environmental factors, and if they continue to buy or indeed start mining bitcoin, that they include the relevant energy consumption data in these disclosures.” Tesla did not respond to a request for comment….Graphic – Power hungry: Bitcoin’s growing energy use Estimates on bitcoin’s reliance on fossil fuels versus renewables vary, with detailed data on the bitcoin mining industry’s energy mix hard to come by….Projects from Canada to Siberia are striving for ways to wean bitcoin mining away from fossil fuels, or at least to reduce its carbon footprint, and make the currency more palatable to mainstream investors….As bitcoin goes up there will be more incentive to make investments in renewable sources of energy.” Some bitcoin proponents note, meanwhile, that the existing financial system with its millions of employees and computers in air-conditioned offices uses large amounts of energy too.