Bitcoin (BTC) Closes Last Hour Up $166.64; 7 Day Up Streak Broken, in an Uptrend Over Past 14 Days, Bearish Engulfing Pattern Present

The Hourly View for BTC

Last Updated January 5, 2021, 03:016 GMT

At the time of this writing, Bitcoin’s price is up $166.64 (0.52%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Bitcoin has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on BTC; it is now pointing up. 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

The end of a 7 day positive run has come for Bitcoin, which finished the day prior down 3.12% ($1032.93). As for how volume fared, yesterday’s volume was up 24.55% from the previous day (Sunday), and up 178.31% from Monday of 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 the day prior. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

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 21 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

Overheard on Twitter

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

  • From PeterSchiff:

    Cigarettes work as money in prison because even if you don’t smoke there are other inmates who do. Therefore, they work as a medium of exchange because they’re a store of value for smokers. No one can smoke Bitcoin, but you need to be smoking something to think #Bitcoin is money.

  • From Scaramucci:

    #Bitcoin is better at being #Gold than GoldGold is popular alt store of value because of hard money properties. #Bitcoin is harder money w/ fixed supply. Gold = $10 trillion mkt cap. Bitcoin = $500 billion mkt cap. We expect Bitcoin to take >50% of mkt share. You do the math.

  • From PeterSchiff:

    The problem with HODLing Bitcoin is that it only works until it doesn’t. If you decide in advance to close your eyes and never sell, no matter what happens to the price, and to ignore any negative news that may create FUD, what happens if the next #Bitcoin bear market never ends?

For a longer news piece related to BTC that’s been generating discussion, check out:

SkyBridge Enters Bitcoin Market With New Allocation, Fund Offering

To launch SkyBridge Bitcoin Fund LP, SkyBridge and its affiliates have invested $25.3 million….With the launch of the SkyBridge Bitcoin Fund LP, investors will have access to institutional-quality custody and operation, without forcing investors to directly hold Bitcoin.