Bitcoin (BTC) Closes Last Hour Down $-936.46; in an Uptrend Over Past 90 Days, Bearish Engulfing Pattern Present

The Hourly View for BTC

Last Updated February 24, 2021, 00:016 GMT

At the time of this writing, Bitcoin’s price is down $-936.46 (-1.92%) 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 100 hour timeframe. Of note is that the 200 hour changed directions on BTC; it is now pointing down. 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 54121.17 US dollars, down 5.83% ($3348.78) since the previous day. The price move occurred on stronger volume; specifically, yesterday’s volume was up 261.69% from the day prior, and up 179.57% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 2nd for the day in terms of price change relative to the previous day. Below is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

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 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 18 of the previous 30 trading days. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 30, 14 and 90 day charts, may be slowing down and ready to reverse.

Overheard on Twitter

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

  • From michael_saylor:

    Square announced today that it has purchased ~3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in #bitcoin, this represents ~five percent of total cash, cash equivalents & marketable securities as of 12/31/2020

  • From michael_saylor:

    In 2020, more than three million customers purchased or sold bitcoin on $SQ Cash App, and, in January 2021, more than one million customers purchased #bitcoin for the first time. Cash App generated $1.76 billion of bitcoin revenue during Q4 of 2020, up approximately 10x YoY.

  • From debaas:

    Yesterday on the bounce i decided to sell 80% of my crypto. Cashed out and i have not felt so good in 8 years of crypto.

    A huge load of my shoulders, never have to worry anymore about money or the price of bitcoin. I can just shitpost all day + spend more time with my family.

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

MicroStrategy CEO Michael Saylor sees bitcoin $100 trillion market value one day

He predicted, in a bold call, that bitcoin’s market value would be $100 trillion one day….There’s $10 trillion worth of gold in there, $1 trillion of bitcoin in there….Bitcoin is going to flip gold, and it’s going to subsume the entire gold market cap,” contended Saylor, who has become one of the most prominent evangelists for bitcoin since his enterprise software company began buying it in August….”As it marches toward $100 trillion, you’re going to see the growth rates fall, the volatility fall, and it’s going to be a stabilizing influence in the entire financial system of the 21st century.” In his addition to his company’s significant bitcoin holdings, Saylor told CNBC he also owns the digital coin in a personal capacity.