Bitcoin (BTC) Closes Prior Hour Up 0.16%; Pin Bar Pattern Appearing on Chart, 2 Day Up Streak Snapped

The Hourly View for BTC

Last Updated April 30, 2021, 02:016 GMT

Currently, Bitcoin’s price is up $82.93 (0.16%) 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 50 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

54877.94 (USD) was the opening price of the day for Bitcoin, resulting in the previous day being one in which price moved down 0.36% ($195.54) from the previous day. The price move occurred on stronger volume; specifically, yesterday’s volume was up 5.37% from the day prior, and up 1.17% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 3rd for the day in terms of price change relative to the previous day. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

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

  • From PeterSchiff:

    It’s unanimous. Everyone on @CNBC agrees that between now and the 2022 Super Bowl #Bitcoin will be the best preforming asset out of a pre-selected basket of 60 stocks and commodities. Even if you’re a Bitcoin bull that’s reason enough to sell now and buy back more sats next year.

  • From ksicrypto:

    $Eth will one day flip $btc.Bitcoin is slowly losing it’s power/importance over the cryptospace. Back in the day you needed Bitcoin to buy alt coins. Now you can just use stable coins like $USDT, $USDC or $UST to purchase alt coins. The market is different this time around…

  • From Downs2kFN:

    Quitting fortnite was the best decision I made so far because it allowed me to focus on myself get bitches live life, party 24/7, became a invester in bitcoin so now Im a billionaire, I live in a yacht with my 10 girlfriends, and i have my own personal rocket ship to go to mars.

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

Bitcoin, Ethereum Face Huge $4.5BN In Friday Option Expiration: What To Expect | ZeroHedge

However, spot would have to move significantly closer to that level for it to come ‘into play’.  Given ETH’s current position we’d expect increasing volatility into expiration with the potential for negative gamma at the 2560 and 3200 strikes to lead into a reflexive melt-down or melt-up should we push closer to either of those areas….As spot currently stands, whip-lashing around the two large strikes at 54k and 56k looks likely to us.