Bitcoin (BTC) Closes Last Hour Up $51.79; in a Downtrend Over Past 90 Days, Heads Up For the 2nd Day In A Row

The Hourly View for BTC

Last Updated July 23, 2021, 04:016 GMT

At the moment, Bitcoin’s price is up $51.79 (0.16%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on Bitcoin. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 previous day up 0.5% ($159.99); this denotes the 2nd day in a row an upward move has occurred. This move happened on lower volume, as yesterday’s volume was down 48.96% from the day before — and down 26.88% 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. The daily price chart of Bitcoin below illustrates.


Bitcoin Technical Analysis

Coming into today the current price of Bitcoin is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to view things another way, note that out of the past 10 days Bitcoin’s price has gone up 5 them.

Overheard on Twitter

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

  • From Pentosh1:

    Our Father Satoshi, who art in valhalla,
    blockchained be thy name, 
    thy #bitcoin and $eth pumps come, 
    thy 100K will be done
    Give us this day our daily green candle. 
    And forgive those short-selling for they know not what they do, as we forgive those who short against us

  • From gladstein:

    To those who dismiss, deride, or condemn Bitcoin and say it’s not a tool for human rights:Bitcoin will do more in the next 24 hours for human rights and freedom worldwide than you will ever achieve in a lifetime.

  • From fernikolic:

    Some personal news: Excited to share that I will join @Blockstream as Director of Marketing! I’ll be joining an amazing team with the goal of bringing Bitcoin to billions of people across the globe. This is going to be the most impactful work I’ve done so far, here’s why:

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

Can Bitcoin Bring Palestine Freedom? – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

Israel would control Palestinian monetary policy and its banking system….What was pitched as a step towards Palestinian independence was really a set of rules and policies which increased Palestinian dependence on foreign aid and the Israeli economy….According to the World Bank, between 2000 and 2003, Israeli restricted the number of West Bank Palestinians permitted to work in Israel by 53%, and Gazans by a staggering 86%….But how do Palestinians buy bitcoin?…Even worse, transitioning the Palestinian economy to a digital one — whether it’s controlled by the PA, World Bank, Israel or anyone else — would be disastrous for the small amount of freedom that Palestinians do receive from cash and their informal economy, where they can save and transact outside of government control….And Bitcoin is one way to do that.