Bitcoin Price Recap
Bitcoin is down 2.02% since yesterday, marking a reversal from the day prior — and the end of a 5 day positive run. The price move occurred on volume that was down 43.31% from the day prior, but up 54.25% from the same day the week before. Out of the 5 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 4th for the day in terms of day-over-day price change. The price chart of Bitcoin below illustrates.
Bitcoin Technical Analysis
The first thing we should note is that Bitcoin is now close to its 100 day moving averages, which may act as price barrier for the asset. Volatility for Bitcoin has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days Bitcoin’s price has gone up 16 them.
Overheard on Twitter
Over on Twitter, here were the top tweets about Bitcoin:
- From BTC_Macro:
Bitcoin is gonna break $100k in the next 24 months, and there’s nothing you can do about it.
- From OhYouBlockhead:
“if the price of bitcoin stays the same, how do you lose so much money?”you try to explain trading but instead just end up making her watch Wolf of Wall Street again.“does that mean i’m Margot Robbie?” she asks.
you smile because that makes you Leo.
- From RampCapitalLLC:
It’s so easy to get followers on Twitter.First, add “crypto” to either your handle or profile.Then, tweet out price targets like “Bitcoin $375,865 by 2022”.Cult following secured.
As for a news story related to Bitcoin getting some buzz:
This is known as the Bitcoin Halving….Leading up to Bitcoin’s first Halving, Bitcoin rallied 663% to reach the pre-Halving top of $15.51….Leading up to Bitcoin’s second Halving, Bitcoin rallied 383% to reach the pre-Halving top of $794.91….Prior to the first Halving, Bitcoin rallied almost twice as much (663%) to reach the pre-Halving top compared to Bitcoin’s 383% price rally to reach the pre-Halving top prior to the second Halving….Prior to the first Halving, Bitcoin rallied 663% to reach its pre-Halving#1 top but later rallied 3,400% after the Halving….Prior to the second Halving, Bitcoin rallied 383% to reach its pre-Halving #2 top but later rallied 4,080% after the Halving.