Bitcoin (BTC) Closes Prior Hour Up 0.04%; in a Downtrend Over Past 90 Days

The Hourly View for BTC

Last Updated July 16, 2021, 20:16 GMT

At the moment, Bitcoin’s price is up $11.95 (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Bitcoin Daily Price Recap

The choppiness in the recent daily price action of Bitcoin continues; to start today, it came in at a price of 31867.46 US dollars, down 2.9% ($953.04) since yesterday. The change in price came along side change in volume that was up 21.61% from previous day, but down 31.77% from the Thursday of last week. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 3rd for the day in terms of price change relative to yesterday. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For another vantage point, consider that Bitcoin’s price has gone up 7 of the previous 14 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Bitcoin:

  • From rektcapital:

    People who bought #BTC at $20000 and held are in profitPeople who bought $BTC at $60000+ will also be in profitIt’s always been a matter of time and patienceIf you have a broad time horizon for your BTC investment, you’ll outperform most of the market#Crypto #Bitcoin

  • From scottmelker:

    Most of the people waiting to buy the “inevitable” #Bitcoin drop into the $20,000s will not buy anything if it happens, because they will be scared little pansies and will think it “has to go down to $15,000.”

  • From BitcoinMidas_:

    I’ll say this again – #bitcoin hashrate continues to decrease and yet the mempool is empty. This has been going on for a month at this point. Can’t be explained away by variance. How much of our tx volume had been Chinese mining pools colluding to increase fees?
    Cc @ODELL