Bitcoin (BTC) Closes Prior Hour Down -0.15%; Moves Up For the 2nd Straight Day, in an Uptrend Over Past 30 Days

The Hourly View for BTC

Last Updated September 3, 2021, 23:16 GMT

At the time of this writing, Bitcoin’s price is down $-73.44 (-0.15%) from the hour prior. This is the 2nd hour in a row Bitcoin has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 closed the previous day up 2.89% ($1149.62); this denotes the 2nd straight day it has gone up. As for how volume fared, yesterday’s volume was up 78.76% from the previous day (Wednesday), and up 87.43% from Thursday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Bitcoin ended up ranking 2nd for the day in terms of price change relative to the previous day. Here is a daily price chart of Bitcoin.

BTC

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 100 day averages, located at 39472.28 respectively, and thus may be at a key juncture along those timeframes. 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 additional context, note that price has gone up 16 out of the past 30 days.

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 1MarkMoss:

    🚨Fidelity Predicts #Bitcoin Price In 5, 10, 15 years!But more important than “where” the price goes is “how” it gets there, what are the key drivers and indicators, what is the important data to watch as this thesis plays outA Thread 👇

  • From woonomic:

    @Dennis_Porter_ Ethereum already has succeeded in showing a use case for dapps.If you mean global finance does not run on DeFi, then you can also say Bitcoin hasn’t succeeded yet either. Both cases Bitcoin and Smart Contracts platforms are succeeding but have not yet won.

  • From intocryptoverse:

    @jclcapital I would be a bit more hesitant on it for sure. But may ask you (since I know you aren’t a fan of diminishing returns), if #Bitcoin is not trading for $250k by December, would you change your view on lengthening cycles? Or would you change your view on diminishing returns?

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

What Is Bitcoin? | Binance Academy

Contents A Bitcoin halving (also called a Bitcoin halvening) is simply an event that reduces the block reward….Users attach these to their transactions to incentivize miners to add their transactions to the blockchain.  Because it’s not managed by a data center that a single entity can upgrade at will, Bitcoin must limit the size of its blocks….Contents “Bitcoin node” is a term used to describe a program that interacts with the Bitcoin network in some way….Within the system, they transmit information about transactions and blocks.  Full nodes are integral to Bitcoin’s decentralization….Mining nodes are full nodes that perform an additional task – they produce blocks….Otherwise, they can’t know what transactions to include in the block.  If a participant wants to mine but doesn’t want to use a full node, they can connect to a server that gives them the information they need.