Bitcoin (BTC) Price Near $49,869.77; Moves Down For the 3rd Consecutive Day, Price Base in Formation Over Past 30 Days, Pin Bar Pattern Appearing on Chart

The Hourly View for BTC

Last Updated April 24, 2021, 02:047 GMT

Currently, BTC’s price is up $78.09 (0.16%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on BTC. Given that we see an uptrend on the 20 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 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

Bitcoin came into today down 1.04% ($539.58) from the open of the day prior, marking the 3rd consecutive day a decline has happened. As for how volume fared, yesterday’s volume was up 16.76% from the previous day (Thursday), and up 47.86% from Friday of the week before. 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 the day prior. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Notably, Bitcoin is now close to its 100 day averages, located at 49504.69 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 10 days Bitcoin’s price has gone down 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 marcvanderchijs:

    Super impressed by Willy Woo’s (@woonomic) floor price model for Bitcoin. He nailed it in January ($29K) and he nails it again today with a daily close above $50.3K. Honestly I thought last night that his model might break today, but he is right once again. Very bullish for #BTC!

  • From wlrvs:

    The medium of exchange use case for bitcoin in the US is now *only* throttled by the cap gains issue. They know this and will use that same cap gains fear to throttle the savings use case— only thing is that it won’t work. In fact, it will backfire.

  • From ZssBecker:

    I remember when I bought bitcoin during the covid crash.I stood around the pool yelling it’s going to 50k at my friends. Everyone rolled their eyes.Now the same people lose their shit when it drops below 50kHyuck hyuck

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

Ex WWE Wrestler Kane, Now Knox County Mayor, Looking Into Bitcoin and Litecoin

As mayor of Knox County, Tennessee, former wrestler Glen Jacob, stage name Kane, is looking into Bitcoin and Litecoin to help his municipality….NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins….We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.