Bitcoin (BTC) Closes Prior Hour Down -0.06%; Moves Up For the 5th Consecutive Day

The Hourly View for BTC

Last Updated October 12, 2020, 01:036 GMT

At the time of this writing, BTC’s price is down $-7.32 (-0.06%) 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 100 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 closed yesterday up 0.65% ($73.94); this denotes the 5th consecutive day an increase has occurred. The price move occurred on volume that was down 31.93% from the day prior, but up 81.41% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 5th for the day in terms of price change relative to yesterday. Below is a daily price chart of Bitcoin.


Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 50 day averages, located at 10850.41 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days.