Can the Price of Bitcoin (BTC) Withstand the Historical Low Weekend Volumes?
Any keen observer of the behavior of the crypto-markets can attest to the fact that weekends are usually the trickiest for crypto-traders. The volumes of Bitcoin (BTC) and the crypto-markets in general, have a high chance of declining by a considerable percentage during the weekends. An exact explanation of this phenomenon has not been put forward in the crypto-verse, but we can assume the day traders are enjoying their profits of the week during the weekends and away from their computer screens and mobile trading apps. The same day traders then make a reentry into the crypto-markets some time on Monday.
Jokes aside, will Bitcoin (BTC) survive the traditionally low trade volumes during the weekend and sustain its current levels above $7,200?
The mood and feel in the crypto-markets, is that $7,200 is the new support level for Bitcoin (BTC) and this price could withstand the weekend. If this value is maintained, the King of Crypto – BTC – might be able to break the current resistance levels of $7,500 to $7,600 and get the the $8,000 level during the coming week.
The other side of the coin, is that BTC fails to hold the $7,200 support levels and eases back to levels around $6,800.
But the most likely scenario is for BTC to keep pushing up towards the $10,000.
Ethereum World News has highlighted the following reasons to be bullish about Bitcoin:
Coinbase Custody service attracting a hedge fund worth $20 Billion
Several market leaders calling for Bitcoin to move higher, including longtime BTC bear at BK Asset Management, Boris Schlossberg
BTC having hit the bottom of the year
Thomas Lee assuring that the time to buy Bitcoin is now
Continual technical analysis
The Bitcoin ETF frenzy
BlackRock investment firm declaring it is exploring blockchain and cryptocurrencies
Other institutional investors
The general mood and feel of crypto enthusiasts who believe the time for a bull run is now
In conclusion, the weekends are historically known for having low trade volumes in the crypto markets. The exact reason for this has not been explained but the maintenance of the current price of BTC hinges on this. All the King of Crypto has to do, is to maintain levels above $7,200 through the weekend and into the new week. If this is achieved, the coming week might be as good as, or better than, the last one we had in the crypto markets.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.