The Hourly View for BTC
Last Updated June 1, 2021, 03:016 GMT
At the time of this writing, Bitcoin’s price is up $193.9 (0.53%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, with price now being above it. 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 4.57% ($1628.24) since the previous day, marking the 2nd day in a row an increase has occurred. The price move occurred on volume that was up 37.44% from the day prior, but down 54.25% 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. Here is a daily price chart of Bitcoin.
Bitcoin Technical Analysis
Volatility for Bitcoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days.
Overheard on Twitter
Over on Twitter, here were the top tweets about Bitcoin:
- From PeterMcCormack:
The clampdown on #bitcoin by UK banks is really an infringement on the pathetic amount of freedom we have in the UK. Also, it will drive innovation to more friendly countries.@TomTugendhat, I know you support ETH but the UK should be supporting #bitcoin too.We should talk!
- From DocumentingBTC:
“Bitcoin’s Proof-of-Work was invented to escape Proof-of-Stake financial systems, where the largest asset owners can unduly influence the rules of the game.Thanks to PoW + full nodes, neither miners nor the biggest BTC hodlers can change the protocol.” – @Gladstein
- From maneco1964:
I just walked to the local shop and the Indian guy who runs it was asking me about #xrp #tether and #bitcoin and then someone walked in and said he is up £60 from £100 he put on a coin yesterday! it reminded me of the story of the shoeshine boy giving stock tips in 1929.
For a longer news piece related to BTC that’s been generating discussion, check out:
Cardano uses their native token, ADA, to assign which stake pool gets to produce the blocks in the blockchain….In Bitcoin’s and other proof of work protocols, 99% of the energy consumption is used to just select a block producer….Bitcoin is one of the most secure protocols but what makes it incredibly secure is the physical resources and energy consumption required to take over the network….Cardano provides the same high level of security as Bitcoin but uses its native token, ADA for consensus rather than hashing power from mining equipment.