Bitcoin (BTC) Closes Prior Hour Up 0.6%; 2 Day Down Streak Snapped, in a Downtrend Over Past 90 Days, Makes Big Move Relative to Two Week Trend

The Hourly View for BTC

Last Updated July 22, 2021, 03:016 GMT

Currently, Bitcoin’s price is up $190.87 (0.6%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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

The back and forth price flow continues for Bitcoin, which started today off at 32139.48 US dollars, up 7.87% ($2343.93) from yesterday. As for how volume fared, yesterday’s volume was up 19.1% from the previous day (Tuesday), and up 74.24% from Wednesday of the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 5th since yesterday in terms of percentage price change. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 20 day averages, located at 32904.52 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to view things another way, note that out of the past 14 days Bitcoin’s price has gone down 8 them. Candlestick traders will also want to note that we are seeing a bullish engulfing pattern amidst the downtrend on the 90, 14 and 30 day charts; a bullish engulfing pattern amidst a downtrend may signal the downtrend is ready to culminate.

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 RookieXBT:

    moving your stop lower as price approaches it is a terrible habit and one that will cost you a ton of money that is exactly what i’m doing rn after opening a position because elon’s outfit of the day had the bitcoin logo on it why am i the way i am

  • From ODELL:

    The rules of bitcoin are extremely hard to change. Anyone can access the network directly without a trusted third party. Owning more bitcoin does not give you more control over the network so all participants are on equal footing. This is why bitcoin has value.

  • From TheMoonCarl:

    To summarize some points: @elonmusk remains a supporter of #Bitcoin and wants to see it succeed, so long as energy efficiency stays on track to renewable resources.Both #Tesla and #SpaceX own Bitcoin along with his holdings. Tesla may once again accept $BTC in the future.

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

Elon Musk Discusses Merits Of Bitcoin, Reveals SpaceX Holds BTC – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

Billionaire Tesla CEO Elon Musk discussed Bitcoin during a live-streamed session of The ₿ Word event, saying that he supports and holds the original cryptocurrency, as does his aerospace company SpaceX….“But on balance I support Bitcoin… I do own bitcoin and Tesla owns bitcoin, SpaceX owns bitcoin.