Bitcoin (BTC) Up $81.61 On 4 Hour Chart, Started Today Down 5.93%; in a Downtrend Over Past 30 Days

Bitcoin 4 Hour Price Update

Updated March 23, 2020 05:34 AM GMT (01:34 AM EST)

The end of a 5 four-hour candle negative run has come for Bitcoin, which finished the previous 4 hours up 1.4% ($81.61). 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 4 hours.

Bitcoin Daily Price Recap

Bitcoin is down 5.93% ($367.28) since the previous day, marking the 2nd day in a row a decline has happened. The change in price came along side change in volume that was up 9.97% from previous day, but down 19.61% from the Sunday of last week. On a relative basis, the previous day was pretty good: Bitcoin bested all 5 of the assets in the Top Cryptos class 🙂 Let’s take a look at the daily price chart of Bitcoin.

Bitcoin Technical Analysis

Something to pay attention to: Bitcoin may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 16 out of the past 30 days.

Overheard on Twitter

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

  • From Bitcoin:

    When you use bitcoin, you own bitcoin.
    When you use dollars, dollars own you.

  • From danheld:

    The US is looking at a bailout pack close to $5T. That’s just one country. One of many packages to come. How could you not find Bitcoin attractive right now?

  • From willcole:

    We’re about to experience the greatest contrast in monetary policy ever seen. As world fiat currencies inflate rapidly over the next ~52 days, bitcoin issuance will cut in half. For people who haven’t taken notice yet, this will be nearly impossible to ignore.

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

Bitcoin’s Magic Is Fading, And That’s A Good Thing

From the outside, all these seemingly irrational early bitcoin owners doing unorthodox things with an asset that doesn’t rely on any central bank or securities depository, gave the appearance that bitcoin wasn’t correlated to traditional markets, or even safe-havens like gold….Bitcoin, the digital asset that had come to be identified with its non-correlation, was broken, many warned, and if it was correlated with traditional markets its use and value were gone….Nevertheless, bitcoin’s price has already started to recover, right along with traditional markets, increasing by 16% over the most recent 24-hour period….If non-correlation was core to bitcoin’s value, why was it increasing right along with traditional markets?…Second, people were buying, and more importantly, using bitcoin long before traditional investors started talking about bitcoin being non-correlated at all.  Early bitcoin users bought bitcoin for largely ideological reasons….Really though, what makes bitcoin different, is it was the first financial innovation ever adopted by cooky retail investors first.