Bitcoin (BTC) Closes Last Hour Down $-94.34; Moves Up For the 2nd Straight Day

The Hourly View for BTC

Last Updated September 8, 2021, 00:016 GMT

At the moment, Bitcoin’s price is down $-94.34 (-0.2%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Bitcoin. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Bitcoin Daily Price Recap

Bitcoin is up 2.89% ($1149.62) since the previous day, marking the 2nd straight day it has gone up. As for how volume fared, yesterday’s volume was up 78.76% from the previous day (Monday), and up 87.43% from Tuesday of the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 2nd since the previous day in terms of percentage price change. Below is a daily price chart of Bitcoin.


Bitcoin Technical Analysis

Notably, Bitcoin is now close to its 100 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 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 5 of the previous 10 trading days.

Overheard on Twitter

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

  • From PeterSchiff:

    The idea that #Bitcoin whales deliberately tank the market to shake out the little guys to get their coins is nonsense. The whales don’t want the minnows to sell, they want them holding and hoping and buying the dip. The whales want out. They’re fishing for dollars, not Bitcoin.

  • From cryptomanran:

    So, on the exact day that El Salvador launches Bitcoin as a legal tender against the wishes of the World Bank and IMF , mysteriously every single major exchange goes down at the same time as the price crashes by 20%…

  • From tomskiweb:

    If we see a beautiful w double bottom over the next few days my next target is a 60k #bitcoin you know what comes after that…
    The deeper we retrace the greater the impulsive pace!!
    This 43k pull back was targeted and is BULLISH asf I even showed you in todays BTC vid 😊

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

CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data

(Cristina Baussan/Bloomberg via Getty Images) Cryptocurrency payments provider Flexa has launched Lightning Network payments with select partners and merchants in El Salvador as the country rolls out bitcoin as legal tender….Behind the scenes, Flexa provides instant crypto payments at point of sale by sending the merchant authorization that the payment is being paid and cleared, while collateralizing the transaction until the crypto eventually comes to Flexa.