why does Bitcoin always tank on weekend?

agent006140 · #1 05-15-2021

in recent weeks/months,it always tank on weekend and then on Monday,it rises?

**aspkin** · #2 05-15-2021

If it's that predictable, money can be made day trading. This is a good thing if you can spot it.

slokor · #3 05-15-2021

I dont agree with that statement at all.
But as Aspkin said if youre convinced of that then money can be made - youll be a millionaire in no time.

ebaywanton · #4 05-15-2021

BTC usually tanks on the weekend due to low buying volume. People are taking profits, but theyll be more volume on the weekdays

nate · #5 05-15-2021

There's a saying in the space that "The Weekends Always Wrong". Meaning if price pumps over the weekend from retail, it will dump during the week when suits go back to work, or vice versa.

Right now Bitcoin dominance is at 40% meaning it's alt-szn. Most retail investors aren't buying Bitcoin ATM, and retail is about the only ones trading over the weekend which is why it appears to dump over the weekend.

Bitcoin touched the 20 week moving average Thursday. The last time Bitcoin was that over sold was October 2020. So in other words now is the best time since Oct 2020 to buy BTC. But that doesn't mean it's done bleeding out yet, or that Alt-szn is over.

Let me add, in 2017 BTC bounced off the 20 week MA multiple times. The one time it didnt hold as support kicked off the bear market.

Do I think we are there yet? No, I do not.

james_112233 · #6 05-15-2021

So are we going back to 42.5k GBP or above in BTC in the next month or not ?

agent006140 · #7 05-15-2021

IRS just sent summons to 2 more places,one is Kraken? for records of customers buying and selling.
And the Colonial pipeline drama,it paid $5 million ransom in Botcoin is not exactly positive publicity.
Also TSLA is no longer accepting Bitcoin as payment for EV,Square is no longer buying bitcoins as it licks its $$ damage !

slokor · #8 05-15-2021

Quote:

Originally Posted by james_112233

So are we going back to 42.5k GBP or above in BTC in the next month or not ?

You wouldnt care about that if you were making money by swapping cryptos.

slokor · #9 05-15-2021

Quote:

Originally Posted by agent006140

IRS just sent summons to 2 more places,one is Kraken? for records of customers buying and selling.
And the Colonial pipeline drama,it paid $5 million ransom in Botcoin is not exactly positive publicity.
Also TSLA is no longer accepting Bitcoin as payment for EV,Square is no longer buying bitcoins as it licks its $$ damage !

Yeah its all bad news and no positive news whatsoever.
The sky is falling for anyone invested in crypto and they should immediately sell before the whole thing falls apart and all is lost.
Hope you can recognize the sarcasm friend.

ebaywanton · #10 05-15-2021

Quote:

Originally Posted by slokor

Yeah its all bad news and no positive news whatsoever.
The sky is falling for anyone invested in crypto and they should immediately sell before the whole thing falls apart and all is lost.
Hope you can recognize the sarcasm friend.

lol you are right, everybody looks at the negatives rather than the positives. Rumor is that ebay may be accepting btc as payment soon, which is cool.

Also, since when did btc need all of these fundamentals when it was meant to be seen as a store of value, who actually cares if Tesla does not accept it lol

Musk can **** off with his rockets

And James11223, no one can predict if btc will go back above 42.5k gbp, but it is likely. Stop worrying bro, things will be fine.

Cut out all emotion, and enjoy the ride.

I am 20, and have learnt about controlling emotion in cyrpto (i still am lol). It's hard, but things will pay off .

**SaiJin** · #11 05-16-2021

If I were Elon, I'd troll people with doge coin.... up, down, up down, up down. =P