Bitcoin (BTC) Up $142.47 On 4 Hour Chart, Underperforms All Top Cryptos to Start the Day; Price Base in Formation Over Past 14 Days

Bitcoin 4 Hour Price Update

Updated May 25, 2020 07:17 PM GMT (03:17 PM EST)

Bitcoin closed the last 4 hour candle up 1.62% ($142.47); this denotes the 2nd candle in a row an increase has occurred. On a relative basis, the last 4 hour candle were pretty good: Bitcoin bested all 5 of the assets in the Top Cryptos class 🙂

Bitcoin Daily Price Recap

Bitcoin entered today at $8718.49, down 5.09% ($467.7) from the previous day. The price move occurred on volume that was up 89.49% from the day prior, but down 18.4% from the same day the week before. On a relative basis, Bitcoin was the worst performer out of all 5 of the assets in the Top Cryptos asset class during the previous day. The daily price chart of Bitcoin below illustrates.

Bitcoin Technical Analysis

Traders interested in playing the ranges may wish to consider that the unclear trend on the 14 day chart, coupled with price being close to the upper bollinger band may be signalling a short opportunity. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 14 days Bitcoin’s price has gone up 9 them.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Bitcoin for the past day were:

  • From ZeroHedge_:

    Greyscale bought up 33% of the $BTC supply the last 3 months. That’s 1/3 of the btc supply recently.That’s institutional buying. So let’s drop the argument if there has been institutional interest. Adoption has started. It’s here and eyes are on bitcoin. Make no mistake.

  • From scottmelker:

    Volume has been decreasing with price since Bitcoin topped at $10,000. Worth keeping an eye on, as that’s a sign of consolidation more than it is of a true downtrend. You want to see volume rising in whatever direction price is going to offer confirmation.

  • From woonomic:

    @PayPal with pals like you, who needs enemies. You block our company from invoicing after 7yrs, needing “KYC”, process being buggy, 3 weeks and waiting.Any cross-border remittance hanging off banking is broken. The economy is global. Please die banking. Buy #bitcoin.

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

Ethereum Now Holds Four Times More Bitcoin Than The Lightning Network

The comparison admittedly isn’t too perfect in as far as one can’t easily run away with your coins in LN to the same degree as the defi consortium managing the tether like WBTC potentially could, but practically they both are effectively bitcoins with both having their own problems….The biggest problem for LN is that it can’t quite solve the double spending problem without practically requiring some intermediaries like trusted ‘watchtowers’ or ‘liquidity providers’ in addition to potential systemic issues that amount to the equivalent of a bank run if all tried to close their channels at the same time while the bitcoin network can’t handle the spike in demand.