Bitcoin (BTC) Closes Last Hour Up $377.55; Makes Big Move Relative to Past Two Months, Breaks Below 20 and 100 Day Averages

The Hourly View for BTC

Last Updated May 14, 2021, 00:016 GMT

Currently, Bitcoin’s price is up $377.55 (0.76%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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

49504.08 (USD) was the opening price of the day for Bitcoin, resulting in yesterday being one in which price moved down 12.76% ($7243.44) from yesterday. As for how volume fared, yesterday’s volume was up 68.47% from the previous day (Wednesday), and up 26.1% from Thursday of 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 yesterday. Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Bitcoin crossed below its 20 and 100 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that Bitcoin’s price has gone up 5 of the previous 10 trading days. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 90 day charts, may be slowing down and ready to reverse.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From michael_saylor:

    #Bitcoin Mining serves as the foundation of the monetary network – critical to its growth, stability, longevity, vitality, & integrity. The Proof of Work architecture is a masterpiece of engineering that anchors the system to the real world, providing Seven Layers of Security.

  • From parislees:

    Sick of hearing about Bitcoin. It’s always men. If you can get rich good luck to you but I’m not interested. I would rather be poor than have to get to grips with it. I hate it. It’s shit. It’s not a real thing. I’m a writer, leave me to my feelings and stories. Go away. Eat shit

  • From PeterSchiff:

    Bitcoin may have been the fastest horse in the race, but it looks like it just broke its leg. When a racehorse breaks its leg the tradition is to shoot it. #Bitcoin is about to be taken behind the barn and shot.

For a longer news piece related to BTC that’s been generating discussion, check out:

Cardano Surges During $300 Billion Crypto Crash As Musk Eyes Sustainable Bitcoin Alternatives

In a Thursday morning note, Investing.com senior analyst Jesse Cohen noted that Musk said he would look for bitcoin alternatives that consume less than 1% of its energy per transaction and pointed to Cardano’s ada and Ripple’s XRP as two cryptocurrencies with more sustainable environmental costs than bitcoin thanks to their less-intensive mining and transaction networks….I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism I’m a reporter at Forbes focusing on markets and finance.