Bitcoin (BTC) Price Near $58,930.22; Crosses 20 Day Moving Average, in an Uptrend Over Past 90 Days

The Hourly View for BTC

Last Updated March 31, 2021, 00:016 GMT

At the time of this writing, Bitcoin’s price is up $148.68 (0.25%) from the hour prior. This is the 2nd hour in a row Bitcoin has seen its price head up. 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Bitcoin Daily Price Recap

The back and forth price flow continues for Bitcoin, which started today off at 57626.1 US dollars, up 3.31% ($1845.09) from yesterday. The price move occurred on stronger volume; specifically, yesterday’s volume was up 119.24% from the day prior, and up 2.96% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 6th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

First things first: Bitcoin crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.

Overheard on Twitter

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

  • From SecretsOfCrypto:

    Historically Q2 has been a bullish quarter for #Bitcoin. In 2017 (equivalent to 2021 in this cycle) Q2 was the first of the 2 major altseasons of the last bull run. If history repeats (or even rhymes), these next few months will bring phenomenal gains.

  • From AdnansArk:

    $SOS — had this been any other stock, I would have given up and called it and moved on — but the sector is BITCOIN –the mission is crypto-mining — the future is blockchain and Crypto Asset Exchange — how could I just drop and move on??? I STAY

  • From BrianFeroldi:

    I thought that $TSLA & $NFLX were awful investments when I first heard about themSlowly, I changed my mindThey’ve become two of my biggest winnersI thought that Bitcoin & Ethereum were awful investment ideas when I first heard itI gotta admit, I’m slowly changing my mind

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

What Is Bitcoin? | Binance Academy

By mining, participants add blocks to the blockchain….Within the system, they transmit information about transactions and blocks.  A full node validates transactions and blocks if they meet certain requirements (i.e., follow the rules)….Most full nodes run the Bitcoin Core software, which is the reference implementation of the Bitcoin protocol.  Bitcoin Core was the program released by Satoshi Nakamoto in 2009 – it was simply named Bitcoin at the time, but was later renamed to avoid any confusion….They allow users to interface with the network without performing all of the operations that a full node does.  Where a full node downloads all blocks to validate them, light nodes only download a portion of each block (called a block header)….Otherwise, they can’t know what transactions to include in the block.  If a participant wants to mine but doesn’t want to use a full node, they can connect to a server that gives them the information they need….A Bitcoin ASIC can mine Bitcoin, but can’t mine coins that don’t use the same algorithm.