Bitcoin (BTC) Price Near $12,908.95; Price Base in Formation Over Past 90 Days, Moves Up For the 5th Day In A Row, Makes Big Move Relative to Two Week Trend

By October 22, 2020Bitcoin Business
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The Hourly View for BTC

Last Updated October 22, 2020, 01:036 GMT

At the time of this writing, BTC’s price is down $-12.77 (-0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 came into today up 7.48% ($891.33) from the open of yesterday, marking the 5th day in a row it has gone up. The price move occurred on stronger volume; specifically, yesterday’s volume was up 124.98% from the day prior, and up 399.07% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin ranked 3rd since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of Bitcoin.

BTC

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. Also of note is that on a 90 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 12 out of the past 14 days.

Overheard on Twitter

Behold! Here are the top tweets related to Bitcoin:

  • From tylerwinklevoss:

    The trade of the century is still available and completely out in the open. The next investors, companies, or countries that take $100 million or greater position in #Bitcoin & talk about it, will go down in history as the greatest visionaries of this generation wen BTC hits 500k

  • From CryptoYoda1338:

    bitcoin has been going off well and will continue. let them sellers drop what they want to drop around here, they will buy back higher later. BTC drags up USD value of ALTS, but ALTS drop against BTC until the selling is absorbed. time to plant seeds in ALTS is coming very soon

  • From jchervinsky:

    Look, I understand the temptation to just be excited about PayPal & ignore the fact that they prohibit transfers to other accounts & withdrawals to self-custody.But if you can’t hold your own keys, is it even Bitcoin?How much will we sacrifice in the name of “number go up?”

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

The consensus: Bitcoin and the crypto market will be positively impacted….The investor believes that the announcement of PayPal will be the start of a new wave of adoption that will drag banking institutions into the crypto market….Novogratz said: This PayPal news is the biggest news of the year in crypto….All banks will now be on a race to service crypto.

Last Updated October 22, 2020, 01:036 GMT

At the time of this writing, BTC’s price is down $-12.77 (-0.1%) from the hour prior. This […]

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