There is a persistent day of the week effect in bitcoin. Sundays are red and Mondays are black. It has been particularly extreme since 2020 but even looking back to the 2014-2017 period, you can see it’s strong.
Any guesses why? All the true believing hodlers are in church?
Any guesses why? All the true believing hodlers are in church?
In a market that trades 24/7, nobody can trade all the time. Since the trend / bias has been strongly in favor of buying throughout bitcoin’s history, maybe any drop in activity is bearish (or at least less bullish)? Sunday is the lowest volume day of the week for BTC
Most good explanations for Sunday weakness (no institutional bid?) also apply to Saturday, which makes the puzzle more confusing.
Could just be random too, of course.
Could just be random too, of course.
Data uses 5pm NY open and close. That’s default in my system.
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