Bitcoin (BTC) Up $1.76 On 4 Hour Chart, Makes Big Move Relative to Past Month; Came Into Today Down For the 2nd Straight Day

Bitcoin 4 Hour Price Update

Updated September 04, 2020 07:19 AM GMT (03:19 AM EST)

Bitcoin came into the current 4 hour candle up 0.02% ($1.76) from the open of the previous 4 hours, marking the 2nd consecutive candle an upward move has occurred. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 4th since the previous 4 hours in terms of percentage price change.

Bitcoin Daily Price Recap

Bitcoin came into today down 10.73% ($1223.28) from the open of the previous day, marking the 2nd straight day a decline has happened. The price move occurred on stronger volume; specifically, yesterday’s volume was up 44.75% from the day prior, and up 92.44% from the same day the week before. Bitcoin outperformed all 5 assets in the Top Cryptos asset class since the previous day. Let’s take a look at the daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Bitcoin crossed below its 50 and 100 day moving averages yesterday. 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 additional context, note that price has gone up 16 out of the past 30 days.

Overheard on Twitter

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

  • From theRealKiyosaki:

    MONEY RACISM EQUALITY OPPORTUNITY issues of yesterday today tomorrow. Q: WHAT did school teach you about money? A: JP Morgan said “Gold is money; everything else is credit.” Add silver and Bitcoin. Learn from JP Morgan racism, inequality, lack of opportunity start disappearing.

  • From scottmelker:

    Assuming you truly believe in #Bitcoin, does today’s price action in any way change your long term view that it will rise in value?If the answer is no, this is probably a good time to start buying, even if it drops further.If the answer is yes, you probably have weak hands.

  • From KevinSvenson_:

    Whenever the #Crypto market dips, most people panic and get stressed. Why? Think about where #Bitcoin is today. How far it has come … every single dip has simply been a shakeout, and we recover.Holding #BTC has been profitable for 95% of its history. Just relax 👍🏼

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

Bitcoin: A Novel Economic Institution | White Paper by ARK Invest

After explaining the merits of Bitcoin as a novel institution in Part 1, we assess the investment merits of bitcoin as a monetary asset in Part 2….While many investors question its merit as an investment, we believe that bitcoin is the most compelling monetary asset to emerge since gold.