Bitcoin (BTC) Closes Last Hour Down $-180.55; 2 Day Down Streak Ended, in an Uptrend Over Past 90 Days

The Hourly View for BTC

Last Updated February 16, 2021, 00:016 GMT

At the time of this writing, Bitcoin’s price is down $-180.55 (-0.38%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Bitcoin has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 20 hour moving averages, resulting in them with price now being below them. 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 entered today at $48652.87, up 3.03% ($1430.55) from the day prior. The price move occurred on volume that was up 17.22% from the day prior, but down 11.31% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 2nd since the day prior in terms of percentage price change. Here is a daily price chart of Bitcoin.

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. For another vantage point, consider that Bitcoin’s price has gone up 16 of the previous 30 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From 100trillionUSD:

    @PrestonPysh That is exactly how I see it as well. That $17B is locked up as collateral/margin, i.e. one side of these futures markets has essentially become HODLER. Add to that the options markets. IMO as long as leveraged longs maintain a 20+% basis rate for carry trades, bitcoin will pump.

  • From xrp_mami:

    Just a reminder to any newbs. Today’s the Tether USDT hearing for Bitcoin manipulation. They will be presenting documentation first. Then later this month a decision will be made on whether to prosecute. If you’re buying crypto. I’d suggest doing it via Cash – USDC – stable coins

  • From AllisonReichel:

    Up at 5am20 min meditation
    Look at all the money I lost day trading
    Buy Bitcoin just to feel something
    Start research project
    Ignore research project
    Listen to Blink-172’s I Miss You 5xThe key to success is having a stable routine. Wake up and choose greatness.

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

Morgan Stanley: Cryptocurrencies Here to Stay as Serious Asset Class, Bitcoin Making Progress to Replace Dollar – Bitcoin News

Mad Money’s Jim Cramer Says Tesla, Paypal, Mastercard Are Pushing Bitcoin More Into Mainstream Mad Money host Jim Cramer has applauded Elon Musk and Tesla for their bitcoin investment.