Bitcoin (BTC) Closes Prior Hour Up 0.12%; Moves Up For the 5th Straight Day, in an Uptrend Over Past 90 Days

The Hourly View for BTC

Last Updated January 2, 2021, 02:048 GMT

At the moment, BTC’s price is up $35.34 (0.12%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Bitcoin Daily Price Recap

Bitcoin came into today up 1.44% ($416.54) from the open of the previous day, marking the 5th straight day an upward move has occurred. The price move occurred on volume that was down 22.74% from the day prior, but up 23.95% 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 the previous day. The daily price chart of Bitcoin below illustrates.

BTC

Bitcoin Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 21 of the previous 30 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From theRealKiyosaki:

    Happy New Year. 2021 great year for gold silver and Bitcoin. US to send out $2000 in fake $ to Americans & billions in fake $ to the world. 2021 means MMT Marxist Monetary Theory a probability. US in trouble. Great news for you who own gold silver Bitcoin. Happy New Year.

  • From woonomic:

    #Bitcoin is the first invention of an Internet-native digital scarcity; a problem thought unsolvable until Satoshi Nakamoto solved it.The Internet can now store value. Bitcoin will be 13 years old in 2021, this is the year it breaches 2.5% of the world population.

  • From Mandrik:

    2011 was the hardest year of my life. I was laid off after a decade, divorced, poor, & obese. Instead of despairing I –switched to keto, lost 75lbs
    -became self-employed
    -discovered #Bitcoin & came up with ways to earn btc.It felt impossible. I took it one day at a time.

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

Bitcoin 2020 Annual Review

The one theme that I’ve taken away from all of these metrics is that 2020 was a growth year for Bitcoin….Funds raised via ICOs:2014: $30M2015: $9M2016: $257M2017: $6,558M2018: $21,621M2019: $3,255M2020: $95M(Almost all of the ICO stats sites are offline; 2020 number could be a bit higher.) Although bitcoin’s exchange rate quadrupled over the course of the year, volatility was fairly low with the exception of Black Thursday….pic.twitter.com/ZUJ0uNbsxK You can see the market for bitcoin block space coming back to life from this year’s historical fee rate estimates….pic.twitter.com/XSiDghwAPp The number of Bitcoin nodes held steady during the bear market — my suspicion is that people who run reachable nodes are highly dedicated to Bitcoin and/or using them for economic purposes, thus they are unlikely to turn off the node due to exchange rate volatility….Bitcoin’s network hashrate increased by 41% during 2020, from 113 to 159 exahash per second….During 2020 the Bitcoin blockchain grew from 256GB to 319GB – an annual growth rate of 25%.https://t.co/DPUJ8meguX pic.twitter.com/dB8oasOWQG As usual, many of Bitcoin’s economic metrics were correlated to the exchange rate, which was fairly flat until the 4th quarter of the year.