Bitcoin (BTC) Closes Last Hour Up $25.29; in a Downtrend Over Past 30 Days, 2 Day Up Streak Broken

The Hourly View for BTC

Last Updated June 3, 2021, 02:016 GMT

At the time of this writing, Bitcoin’s price is up $25.29 (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on BTC; it is now pointing down. 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 36683.51 US dollars, down 1.63% ($607.32) from the previous day. This move happened on lower volume, as yesterday’s volume was down 10.73% from the day before — and down 35.71% from the same day the week before. 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. 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. Trend traders will want to observe that the strongest trend appears on the 30 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.

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 culkin22:

    My dad was a gold bug. He was 57 when the first iPhone was released. Do you really think kids that have had iPhones since they were 8.. will find gold more valuable than #Bitcoin? Never bet against technology.

  • From JohnWRichKid:

    Bitcoin whales are the ones pumping AMC and other meme stocks right now so by mid-June there will be a plethora of traders with a lot more money to take all crypto’s to new highs. Tell me I’m wrong. This is financial advice from a 17 year old (alcoholic) fry cook btw.

  • From TraderKoz:

    I use 6x leverage when I trade. Why? Because it increases my profits by 500%. Example: If you buy 1 Bitcoin for $10k and sell it at $50k, you make a profit of $40k. However, if you use 6x leverage, your profit increases to $240k. That’s the power of leverage!

In terms of news links for Bitcoin here’s one to try:

Major Indian Bank HDFC Says ‘It’s a Matter of Time Before Indian Investors Have Legal Access to Crypto Plays’ – Featured Bitcoin News

Cryptocurrency is not banned in India and investors can go to a number of local crypto exchanges to buy, sell, and trade cryptocurrencies with INR….Both the central bank and the government have independently confirmed that there is no ban on cryptocurrency, crypto exchanges, businesses, or traders in India.