Bitcoin (BTC) Price Near $37,403.14; in a Downtrend Over Past 30 Days, Price Base in Formation Over Past 14 Days, Nears 20 Day Moving Average

The Hourly View for BTC

Last Updated June 11, 2021, 20:16 GMT

At the moment, Bitcoin’s price is up $141.39 (0.38%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Bitcoin has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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

The choppiness in the recent daily price action of Bitcoin continues; to start today, it came in at a price of 36680.78 US dollars, down 1.9% ($710.8) since yesterday. The change in price came along side change in volume that was down 28.05% from previous day, but up 47.36% from the Thursday of last week. On a relative basis, yesterday was pretty good: Bitcoin bested all 7 of the assets in the Top Cryptos class 🙂 The daily price chart of Bitcoin below illustrates.

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. Volatility for Bitcoin has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 18 out of the past 30 days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From JeffBooth:

    The worlds 500 richest have grown their wealth by 40% to $8.4 Trillion in the last 18 months. This is a DIRECT result of manipulating $$ to drive inflation… stealing from the middle class and poor to give to the rich. Inflation is the greatest theft of our time!#Bitcoin.

  • From aantonop:

    Taproot will be locked-in for a November activation in the next 36 hours. A big success for #Bitcoin, Taproot introduces a second signature algo (Schnorr) and significant privacy features.Also a big success for the “Speedy Trial” activation method with < 8 weeks to lock-in.

  • From adam3us:

    @APompliano @ErikVoorhees does he have any regret or learning from attacking bitcoin with centralized forks. would he do it again. does he think it’s ethical to promote shitcoins, attack bitcoin and bitcoiners at every opportunity, while being almost exclusively invested in bitcoin himself. for warm ups.