Bitcoin (BTC) Closes Prior Hour Up 0.1%; Heads Up For the 3rd Consecutive Day, Pin Bar Pattern Appearing on Chart, Nears 20 Day Moving Average

The Hourly View for BTC

Last Updated February 1, 2021, 02:016 GMT

Currently, Bitcoin’s price is up $34.98 (0.1%) from the hour prior. Bitcoin has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Bitcoin. Given that we see an uptrend on the 10 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 up 0.19% ($65.74) from the open of the day prior, marking the 3rd consecutive day an increase has occurred. The price move occurred on volume that was down 73.83% from the day prior, but up 22.26% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 5th for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 7 of the previous 14 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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 PeterSchiff:

    I think it’s interesting the many of the people on social media criticizing me for being against Bitcoin are also criticizing me for being against the #MinimumWage. If you’re anti-force, and support a free market when it comes to #Bitcoin you should feel the same way about wages.

  • From NorbertElekes:

    Jan 2021:๐Ÿ‡บ๐Ÿ‡ธ US Capitol riots
    ๐Ÿ“ต Trump social media ban
    ๐Ÿ“ˆ Bitcoin all-time high
    ๐Ÿ”ฌ New Covid variants
    ๐Ÿ‡จ๐Ÿ‡ณ WHO starts Wuhan probe
    ๐Ÿ‡บ๐Ÿ‡ธ Biden becomes president
    ๐Ÿ‡ฎ๐Ÿ‡ณ Farmer protests
    ๐Ÿ‡ท๐Ÿ‡บ Navalny protests
    ๐ŸŒ Covid cases pass 100M
    ๐Ÿฆ Reddit vs Wall St
    โœŠ๐Ÿฟ BLM nominated for Nobel Peace Prize

  • From cameron:

    The ramifications of a #silversqueeze cannot be underestimated. If itโ€™s exposed that there are more paper claims on silver than actual silver, not only would payoff be enormous, but gold would be next. #Bitcoin fixes this.

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

Ripple Formally Responds to SEC Allegations โ€” Claims SEC Picking Winners and Losers, Distorting Facts About XRP โ€“ Regulation Bitcoin News

World’s Largest Asset Manager Blackrock to Invest in Bitcoin Futures Blackrock, the world’s largest asset manager with $7.81 trillion under management, is getting into bitcoin….The firm has filed with the U.S. Securities and Exchange Commission (SEC) for two of its funds to invest in bitcoin futures.