Bitcoin (BTC) Price Near $11,444.45; in an Uptrend Over Past 14 Days, 6 Day Up Streak Broken

The Hourly View for BTC

Last Updated October 14, 2020, 01:036 GMT

Currently, BTC’s price is down $-36.45 (-0.32%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. 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’s 6 day positive streak has officially concluded, as the candle from yesterday closed down 0.97% ($112.47). The price move occurred on volume that was down 19.89% from the day prior, but up 16.4% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 4th for the day in terms of price change relative to yesterday. 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. Or to view things another way, note that out of the past 10 days Bitcoin’s price has gone up 8 them.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From timigod:

    They have the power to shut down centralised exchanges that use payment processors (who are already under fire). But they cannot shut down non-custodial wallets & P2P exchanges that don’t handle fiat. No one can. That is the power of #Bitcoin #EndSarsNow

  • From woonomic:

    Bitcoin is not an approximation to Gold, in fact Gold is an approximation to Bitcoin.Gold gets its store of value based on historical scarcity (but only due to technological limitation) while Bitcoin is a mathematical game-theoretic implementation of a perfect scarcity.

  • From ErikVoorhees:

    There is no such thing as “intrinsic value.”Value is always subjective, in the eyes of the valuer. A glass of water’s value to me right now: low
    A glass of water’s value to man dying of thirst: highGold, Bitcoin, fiat, rice: none have “intrinsic value.”

For a longer news piece related to BTC that’s been generating discussion, check out:

Stone Ridge Reveals $115 Million Bitcoin Investment As Part Of Billion-Dollar Spin-Off

So, instead of just establishing a few custom funds for their clients as they’re wont to do, Stone Ridge took the extraordinary step of building execution and custody tools from scratch and kicking off an entirely new line of revenue, executing cryptocurrency purchases, and then holding onto the assets for their customers….As part of the announcement, Stone Ridge Holdings Group revealed NYDIG is custodying 10,000 of the parent company’s bitcoin, valued at $115 million at today’s price….Few NYDIG customers are public yet, though a representative of the company says Stone Ridge’s $115 million position isn’t the largest it manages….Among what Gutmann calls “several” smaller funds is the NYDIG Basket Fund totaling $2.4 million, including bitcoin, ethereum, XRP, litecoin, and bitcoin cash….While NYDIG isn’t sharing its total assets under management the firm now custodies more than $1 billion, it says, and the number of its clients has quadrupled over the past ten months….Struggling business intelligence firm MicroStrategy converted a whopping $425 million of its assets into bitcoin, and at least 20 institutional investors have filed paperwork with the SEC showing they invested in the Grayscale Bitcoin Trust (GBTC).