Bitcoin (BTC) Closes Last Hour Down $-65.82; Moves Down For the 3rd Consecutive Day, in a Downtrend Over Past 30 Days

The Hourly View for BTC

Last Updated May 31, 2021, 02:016 GMT

At the moment, Bitcoin’s price is down $-65.82 (-0.19%) from the hour prior. Bitcoin has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on Bitcoin. Given that we see downtrend on the 10 and 5 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 3% ($1069.34) from the open of yesterday, marking the 3rd consecutive day a decline has happened. This move happened on lower volume, as yesterday’s volume was down 31.46% from the day before — and down 24.22% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 2nd since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of Bitcoin.


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 additional context, note that price has gone down 6 out of the past 10 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 theRealKiyosaki:

    Bitcoin crashing. Great news. When price hits $27,000 I may start buying again. Lot will depend upon global-macro environment. Remember the problem is not gold, silver, or Bitcoin. Problem are the incompetents in government, Fed & Wall Street. Remember gold was $300 in 2000.

  • From HukAleksandra:

    Imo everyone new to crypto should 1st try to understand #Bitcoin, the origin of it, the reason it was created. Buy some satoshi, then venture around if you wish & research other projects that you want to invest in. Don’t just blindly invest based on someone’s opinion. Always DYOR

  • From CryptoTony__:

    #Bitcoin is still very much going to $100,000 and beyond this year … This is a small bump on the journey In order to impulse up we need to convince many $BTC is finished. Those same people will FOMO in and push the price up further 👌🏻 This is how the market works

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

Bitcoin Will Surge 500% This Year As Tsunami of Cash Comes Back to Crypto, Says BTC Firebrand Max Keiser | The Daily Hodl

My price target for 2021 is still $220,000 per Bitcoin….And as Paul Tudor Jones said about Bitcoin, it’s the fastest horse in the race, when he’s comparing it to gold for example.