Bitcoin (BTC) Moves Down For the 3rd Day In A Row

By February 5, 2020 Bitcoin Business
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Bitcoin Price Recap

Bitcoin is down 1.26% since yesterday, marking day in a row a decrease has occurred. This move happened on lower volume, as yesterday’s volume was down 21.55% from the day before — and down 48.01% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 4th yesterday in terms of percentage price change. The price chart of Bitcoin below illustrates.

Bitcoin Technical Analysis

Coming into today Bitcoin is now close to its 20 and 200 day averages, located at 8931.36 and 8876.1 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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days Bitcoin’s price has gone down 16 them.

Overheard on Twitter

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

  • From Bitcoin:

    bbibitcbitcobitcoinbitcoin cbitcoin cabitcoin casjust kidding.

  • From APompliano:

    WHOA.The owner of the New York Stock Exchange is thinking about taking over eBay at a valuation of more than $30 billion.This is the same company that realized the importance of Bitcoin enough to start Bakkt.Would be incredible to combine NYSE, Bakkt, & eBay under one roof.

  • From blockfolio:

    Tesla’s market cap is now larger than bitcoin’s.Tesla: $168B
    Bitcoin: $167.6B@elonmusk = SATOSHI CONFIRMED

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

More than 55,000 nodes — essentially computers running the Bitcoin software — are connected to the Bitcoin network….However, millions of people are already transacting on the Bitcoin network, thousands of stores are accepting Bitcoin payments, and new technologies are making it even faster and cheaper to use Bitcoin daily….7, 2017, $48.7 billion worth of bitcoin was transferred across the network — Bitcoin’s highest volume to date — and on June 18, 2019, over $21 billion worth of bitcoin was transferred….Bitcoin’s best known attack vector involves a bad actor altering the Bitcoin network by controlling more than 50% of the network’s computing power, or hash rate….Bit-sized fact: In September 2019, a Bitcoin address transferred over $1 billion dollars worth of bitcoin for a $700 fee….The number of Lightning channels has grown 19x in this year alone, and Lightning Network node participation recently surpassed 10,000 nodes in 83 countries around the world.¹⁰ Bitcoin’s underlying code controls how much new bitcoin is created and limits the maximum amount of bitcoin that may ever exist.

Bitcoin is down 1.26% since yesterday, marking day in a row a decrease has occurred. This move happened on lower volume, as yesterday’s volume was down […]

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