Bitcoin (BTC) Closes Last Hour Down $-64.90; Heads Down For the 2nd Day In A Row, in an Uptrend Over Past 30 Days

The Hourly View for BTC

Last Updated February 25, 2021, 00:016 GMT

Currently, Bitcoin’s price is down $-64.9 (-0.13%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Bitcoin. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 came into today down 9.65% ($5222.47) from the open of the previous day, marking the 2nd day in a row a decline has happened. As for how volume fared, yesterday’s volume was up 14.6% from the previous day (Tuesday), and up 147.64% from Wednesday of the week before. Bitcoin outperformed all 7 assets in the Top Cryptos asset class since the previous day. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Notably, the current price of Bitcoin is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 up over that time. For another vantage point, consider that Bitcoin’s price has gone up 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 KyleMacLeanX:

    Yes, the FED’s money transfer system is down. No, this is NOT where #Bitcoin comes in 😅 Too slow & expensive, not even a contenderIf only there were some OTHER system that provided on-demand liquidity, settled in 3 seconds & was tested by the US Gov & 400 banks… 🤔

  • From Melt_Dem:

    services that are down right now due to the Fed systems outage: Central Bank, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, National Settlementtell me again how centralized #Bitcoin is tho i love hearing it

  • From BitBallin:

    Free BTC:You can google “18 month interest free credit card”, type your name in the website, they send you a card with a credit limit of $5-$10k, buy bitcoin, then wait 18 months and sell a small part of the bitcoin to cover the debt.They don’t teach you that in a book

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

In Nigeria, One Bitcoin Can Cost $68,000. Here’s Why. – CoinDesk

On Friday, Nigeria’s official exchange rate for the U.S. dollar was around 380 naira per dollar….In fact, the informal market dollar exchange rate in Nigeria on Friday was around 478 naira, reflecting the rate seen on Paxful and the bitcoin prices listed on LocalBitcoins.  In emerging markets that are facing a currency crisis, bitcoin prices can actually shed light on the informal market for U.S. dollars….Exchanges using informal rates instead of official ones indicate the local bitcoin markets exist outside of government rules, and that bitcoin trading might reveal the real value of the local currency against the dollar.  According to Gina Pieters, a professor of economics and the University of Chicago who published a paper on how bitcoin can detect exchange rate manipulation and capital controls, bitcoin premiums can occur for a number of reasons.  “It seems unlikely that the price should be that much higher unless there is the manipulation of the nominal exchange rate channel,” Pieters said in an email to CoinDesk, referring to the price of one currency in terms of another.