Bitcoin (BTC) Closes Prior Hour Up 0.62%; in an Uptrend Over Past 30 Days, Heads Up For the 6th Day In A Row

The Hourly View for BTC

Last Updated January 3, 2021, 02:046 GMT

At the moment, BTC’s price is up $200.79 (0.62%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as BTC has now gone up 12 of the past 14 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 is up 9.58% ($2814.7) since the previous day, marking the 6th day in a row an upward move has occurred. As for how volume fared, yesterday’s volume was up 152.16% from the previous day (Friday), and up 132.72% from Saturday of the week before. On a relative basis, the previous day was pretty good: Bitcoin bested all 7 of the assets in the Top Cryptos class 🙂 Here is a daily price chart of Bitcoin.

Bitcoin Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that Bitcoin’s price has gone up 21 of the previous 30 trading 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 Class:

    Shooting your shot at a girl is like investing in Bitcoin. After you send it, the result may be great and feelings will rise and she likes you back and you’ll be happy forever. Or you send it & she shoots you down and you keep going on a downward spiraling depression of sadness

  • From saifedean:

    Price is the best measure of bitcoin successAt a price under $1 bitcoin is an inconsequential nothing.At a price over $1m, bitcoin is worth more than all USD M1 supply.Nocoiners need to specify at what price they would admit bitcoin has succeeded or shut the fuck up forever

  • From QuintenFrancois:

    *** $250 GIVEAWAY ***To celebrate New Year and #bitcoin going up so damn hard, I’m giving away $250 in $BTC to one lucky winner.To participate:
    – Follow @QuintenFrancois
    – Like & retweet this post.Winner will be announced in 24 hours. Good luck & happy New Year! 🎉

For a longer news piece related to BTC that’s been generating discussion, check out:

Why Do Altcoins Fall When Bitcoin Sets New Highs? | Binance Blog

We have seen it time and time again, cryptocurrencies react in several different ways to Bitcoin’s price movement.  Bitcoin’s Dominance Surged In recent days, Bitcoin’s dominance has marked a new three-month high after hitting a low of 55%….Currently, Bitcoin maintains a 62.8% dominance of the entire crypto market while the altcoins struggle with 37.2%….This indicates capital rotation between altcoins to bitcoin in this period.  Source: Indeed, data has indicated Bitcoin’s resurging dominance resulting in altcoins’ underperformance, which begs the question, why do altcoins fall when bitcoin sets new highs?…Consequently, moving capital from altcoins to bitcoins….Bitcoin is the largest cryptocurrency by market capitalization at $250 billion….As capital moves away from altcoins, it presents a buying opportunity for well-informed traders to own altcoins while prices are still relatively low.