Bitcoin (BTC) Closes Prior Hour Down -0.64%; Moves Down For the 2nd Day In A Row, in a Downtrend Over Past 30 Days

The Hourly View for BTC

Last Updated May 29, 2021, 02:045 GMT

Currently, BTC’s price is down $-232.56 (-0.64%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as BTC has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 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

Bitcoin is down 7.42% ($2857.92) since the previous day, marking the 2nd day in a row a decline has happened. The change in price came along side change in volume that was up 72.08% from previous day, but down 32.13% from the Friday of last week. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 2nd for the day in terms of price change relative to the previous day. Here 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 17 of the previous 30 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 PeterSchiff:

    #Gold rose 7.5% in May, closing above $1,900. Meanwhile #Bitcoin had its worst month since 2011. It couldn’t sustain $40K with $42K acting as powerful resistance. $30K support is back in play, and if it fails $20K is the next target. Memorial Day may have added meaning in crypto.

  • From intocryptoverse:

    #Bitcoin getting back on track does not mean it will immediately go up. Some people are reacting to the last video title thinking that is what I meant. If you watch the video, I show how we were *ahead of schedule* as we speculated many times.

  • From JeffBooth:

    3) System changes are hard and messy, but often required to move humanity forward. In my humble opinion, #Bitcoin is the only path that gives a reasonable probability at a peaceful transition in systems. Focus on the signal, not the noise, and learn why. It is important.

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

US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments – Bitcoin News

by
Jamie Redman
The American chain of convenience stores and coffee shops, Sheetz, announced on Thursday that the firm would be accepting digital currencies like bitcoin, ether, and dogecoin for payments….What do you think about Sheetz accepting digital currencies like bitcoin, ether, and dogecoin for payments?