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Thursday, July 29, 2021

Bitcoin: USD/BTC (BTC=X) price stabilises around $5,000

Bitcoin: USD/BTC (BTC=X) price stabilises around $5,000

Bitcoin price

We closed the day, March 17 2020, at a price of $5,225. That’s a respectable 4.45 percent increase in 24 hours, or $223. It was the highest closing price in one day.

We’re still 73 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $95,499,941,183. It now commands 65 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $38,622,642,935 was the lowest in one day, 93 percent above last year’s average, and 47 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 801 tons of gold.

Bitcoin transactions

A total of 278,203 transactions were conducted yesterday, which is 14 percent below last year’s average and 38 percent below last year’s high.

Bitcoin Energy Consumption

Bitcoin used an estimated 185 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 67 terawatt hour. That’s the equivalent of Czech Republic’s energy consumption or 6,2 million US households. Bitcoin’s energy consumption now represents 0.3% of the whole world’s electricity use.

Bitcoin on Twitter

Yesterday 26,159 fresh tweets about Bitcoin were sent out into the world. That’s 40.9 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 75,543.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 7,666.61.

The projected upper bound is: 6,601.27.

The projected lower bound is: 4,063.07.

The projected closing price is: 5,332.17.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 65.1945. This is not an overbought or oversold reading. The last signal was a buy 6 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 30.24. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -62. This is not a topping or bottoming area. The last signal was a buy 2 period(s) ago.


The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 11 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 69.120 at 5,411.020. Volume was 27% below average (neutral) and Bollinger Bands were 238% wider than normal.

Open     High      Low     Close     Volume___
5,334.4405,500.0005,257.0005,411.020 165,805
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 5,940.44 8,710.99 8,469.16
Volatility: 230 117 77
Volume: 549,622 329,631 147,997

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.


FOREX BTC= is currently 36.1% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 27 periods.

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