Bitcoin (BTC) Makes Big Move Relative to Two Week Trend, Crosses 20 Day Moving Average; Bearish Engulfing Pattern Present

Bitcoin Price Recap

The back and forth price flow continues for Bitcoin, which starts today off at 9602.43 US dollars, down 5.7% from the previous day. The price move occurred on stronger volume; specifically, yesterday’s volume was up 23.57% from the day prior, and up 5.25% from the same day the week before. On a relative basis, yesterday was pretty good: Bitcoin bested all 5 of the assets in the Top Cryptos class 🙂 Below is a price chart of Bitcoin.

Bitcoin Technical Analysis

Notably, Bitcoin crossed below its 20 day moving average yesterday. 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing bearish engulfing

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 danheld:

    The world has an unlimited supply of fiat to buy a limited supply of 21M Bitcoin.

  • From freelygive365:

    $20 in PayPal, CashApp or #bitcoinTo someone who retweetsBonus: tell someone you love them and how much they mean to youWill pick later today 💙

  • From charliebilello:

    2020 Returns…
    Ethereum Trust $ETHE: +359%
    Virgin Galactic $SPCE: +223%
    Tesla $TSLA: +119%
    Enphase $ENPH: +119%
    Beyond Meat $BYND: +67%
    Bitcoin Trust $GBTC: +60%
    Alteryx $AYX: +53%
    Shopify $SHOP: +37%
    Microsoft $MSFT: +19%
    Amazon $AMZN: +17%
    Google $GOOGL: +14%
    Apple $AAPL: +11%

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

Visa Grants Coinbase Power To Issue Bitcoin Debit Cards

/ Conibase Credit card giant Visa has granted its principal membership to a cryptocurrency company for the first time….Perhaps even more importantly though, the principal membership makes Coinbase the first cryptocurrency company with the power to issue debit cards for others, including other cryptocurrency companies and more traditional firms alike….“Direct membership allows us to take control of our issuing program.” While fees merchants traditionally pay to their banks to accept credit and debit cards will remain the same as with any other cards, Coinbase’s own fees could eventually be reduced as a result of the membership….My coverage includes the use of cryptocurrencies such I report on how blockchain and cryptocurrencies are being adopted by enterprises and the broader business community.