Bitcoin (BTC) Price Near $59,453.27; But Still in an Uptrend Over Past 90 Days, Doji and Pin Bar Patterns Appearing on Chart, 3 Day Up Streak Snapped

The Hourly View for BTC

Last Updated April 2, 2021, 02:057 GMT

At the moment, BTC’s price is up $591.91 (1.01%) from the hour prior. The hourly chart shows that BTC has seen 2 straight up hours. Regarding the trend, note that the strongest trend 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

Bitcoin’s 3 day positive streak has officially concluded, as the candle from the previous day closed down 0.11% ($62.98). This move happened on lower volume, as yesterday’s volume was down 39.55% from the day before — and down 54.43% from the same day the week before. On a relative basis, Bitcoin was the worst performer out of all 7 of the assets in the Top Cryptos asset class during the previous day. Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 19 of the previous 30 trading days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

Overheard on Twitter

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

  • From BobLoukas:

    Bitcoin is the ultimate bearer asset. It’s a self custody-full control, FU assetAs bearer asset, key holder OWNS IT. You entrust a corporation and gov regulator to protect it, in your name, to add 6% return on an asset already returning 1,000’s % already. Makes no sense.

  • From valueterminal:

    @NonGaap Think I’ve told the story here before but firm I worked at 8-9 years ago, the IT guy was mining Bitcoin, wouldn’t shut up about Bitcoin. He was such an expert we brought him into our morning meeting to explain it to us (we still didn’t get it). He is now… no longer an IT guy

  • From beeforbacon1:

    I would like to take another moment to say that without #bitcoin I would be so fucking depressed…now more than ever. The world is fucked and this is the only thing happening in the world right now. I would defend my keys with my life, or destroy them before handing them over.

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

India’s Millennials Embrace Bitcoin Despite Proposed Ban – CoinDesk

A crypto ban is hovering above India, but the country’s younger generations are still excited about bitcoin….According to Shetty, WazirX’s user count grew threefold since March 2020, and the trading volume went up by a factor of at least eight.  It also helps bitcoin’s popularity that people in India are closely following U.S. tech companies like PayPal and Tesla, which are embracing bitcoin.  “There is a heavy tech influence from the U.S. in India,” Shetty added.   Remittances might have been another big use case for crypto in India….The regulator has been skeptical about crypto, even while encouraging India’s banks to experiment with blockchain.  In April 2018, the RBI barred India’s banks from serving crypto exchanges and related businesses….India’s crypto industry does not believe the government will ban crypto….At least, the government is talking about crypto and the regulation….But he expects the regulators most likely will adapt to the new reality and choose to ban only payments in crypto (which means, using it as money that competes with the national currency) and oblige people to report crypto gains for their taxes.  At the end of the day, most crypto exchanges in India have two entities, one in India and one abroad, so if things turn hostile at home they can easily move operations out, Raza and Roshan told CoinDesk.