Bitcoin (BTC) Closes Prior Hour Down -0.2%; 2 Day Down Streak Ended, Crosses 20 and 50 Day Moving Averages

The Hourly View for BTC

Last Updated May 1, 2021, 02:046 GMT

At the moment, BTC’s price is down $-117.15 (-0.2%) from the hour prior. BTC has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists 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

The back and forth price flow continues for Bitcoin, which started today off at 57757.97 US dollars, up 7.79% ($4176.39) from yesterday. The price move occurred on volume that was up 15.26% from the day prior, but down 48.12% 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. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

First things first: Bitcoin crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Or to view things another way, note that out of the past 14 days Bitcoin’s price has gone down 10 them. Those interested in trading off candles may wish to observe the emergence of a bullish engulfing pattern, which seems particularly noteworthy against the backdrop of a downtrend on the 90 and 30 day time periods.

Overheard on Twitter

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

  • 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 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!

  • From JRNYcrypto:

    @RealBenTobox Exactly. Everyone is waiting for one but if we do enter a bear market, it won’t be anything close to the last one. If demand holds up from enough mass adoption, it is very possible this plays out. In which case #Bitcoin would likely go into a super cycle 1-12 months after halving

As for a news story related to Bitcoin getting some buzz:

Bitcoin miners in China receive ’emergency notice’ amidst energy concerns

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