Bitcoin (BTC) Up 3.45%, Price Base in Formation Over Past 14 Days; Nears 200 Day Moving Average

By January 28, 2020Bitcoin Business
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Bitcoin Price Recap

Bitcoin is up 3.45% since yesterday, marking day in a row an upward move has occurred. The price move occurred on stronger volume; specifically, yesterday’s volume was up 73.39% from the day prior, and up 74.07% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 3rd yesterday in terms of percentage price change. Below is a price chart of Bitcoin.

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 20 and 200 day averages, located at 8496.27 and 8925.12 respectively, and thus may be at a key juncture along those timeframes. Volatility for Bitcoin has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Rangebound traders may wish to note that Bitcoin is getting close to its upper bollinger band, which, when coupled with the lack of trend on a 14 day timeframe, may be an opportunity for short sellers. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 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 up 7 out of the past 14 days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From danheld:

    If everyone in the world understood Bitcoin, and the current macro environment, then the price would be $1M-$10M per Bitcoin.

  • From CryptoBull:

    Bitcoin up
    Alts up
    Stocks downEverything is as it should be

  • From Rhythmtrader:

    BREAKING: The US Dollar loses 5% of its value within the day against bitcoin and still continues to fall.Seems like a pretty volatile asset if you ask me…

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

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Bitcoin is up 3.45% since yesterday, marking day in a row an upward move has occurred. The price move occurred on stronger volume; specifically, yesterday’s volume […]

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