Bitcoin (BTC) Price Near $35,239.68; 5 Day Down Streak Snapped, Price Base in Formation Over Past 30 Days, in a Downtrend Over Past 90 Days



Bitcoin (BTC) Price Near $35,239.68; 5 Day Down Streak Snapped, Price Base in Formation Over Past 30 Days, in a Downtrend Over Past 90 Days

The Hourly View for BTC

Last Updated June 21, 2021, 02:046 GMT

At the time of this writing, BTC’s price is down $-57.52 (-0.16%) from the hour prior. BTC has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Bitcoin Daily Price Recap

Bitcoin’s 5 day negative streak has officially concluded, as the candle from the previous day closed up 0.24% ($86.88). The price move occurred on stronger volume; specifically, yesterday’s volume was up 22.7% from the day prior, and up 13.74% from the same day the week before. On a relative basis, Bitcoin was the worst performer out of all 7 of the assets in the Top Cryptos asset class during the previous day. Here is a daily price chart of Bitcoin.

Bitcoin Technical Analysis

The first thing we should note is that Bitcoin is now close to its 20 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 9 out of the past 14 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

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