Bitcoin (BTC) Closes Prior Hour Down -0.16%; Moves Down For the 2nd Day In A Row, in a Downtrend Over Past 30 Days

The Hourly View for BTC

Last Updated June 7, 2021, 02:016 GMT

At the time of this writing, Bitcoin’s price is down $-57.5 (-0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 below 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 closed yesterday down 3.59% ($1323.1); this denotes the 2nd day in a row a decrease has occurred. This move happened on lower volume, as yesterday’s volume was down 21.43% from the day before — and down 32.13% 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.

BTC

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 another vantage point, consider that Bitcoin’s price has gone down 6 of the previous 10 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Bitcoin for the past day were:

  • From APompliano:

    We are about to watch El Salvador’s President @nayibbukele implement the Twitter playbook that was pioneered by Miami Mayor @FrancisSuarez.Embracing technology, innovation, entrepreneurship, and bitcoin is good for politicians, regardless of which side of the aisle they are on.

  • From WhaleCircle:

    All of these headlines about El Salvador confirming #Bitcoin as legal tender are fake, and misleading.This is only a proposal and hasn’t even been sent to Congress to be voted on yet. El Salvador is very corrupt and the chances of this bill being approved are slim.

  • From xrpartisan:

    If Bitcoin’s bull run is over, alts will take off for their last hurrah before the crypto bear market. Fine by me.if Bitcoin’s bull run isn’t over, alts will rise with Bitcoin and we’ll likely have multiple alt seasons along the way. Also fine by me.Either way, I win.

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

Max Keiser: Buy Bitcoin to Help Your Family When the Global Economy Collapses (Exclusive Interview)

If you want to help your friends and family once the traditional system collapses, buy bitcoin – advised Max Keiser….During the interview, the host of the Keiser report talked about the remarkable difference between the first Bitcoin conference in Prague ten years ago, price movements, crypto sentiment, and more.