What is the Best Day of the Week to Buy and Sell Bitcoin?


What is the best time for you to buy Bitcoin? And when is it best to sell Bitcoin? This is a question we have been asked many times by our readers. Profits can only be made if you know when is the best time to buy Bitcoin. This article will discuss that topic.

February 16, 2020 | AtoZ Markets – Bitcoin has received a lot attention in recent times and it is safe to say that cryptocurrency are slowly becoming mainstream. It is crucial to know the best time to buy or sell cryptocurrencies in order to make profits.

Two years of Bitcoin selling and buying data was analyzed by extensive research. The results will surprise you. To find the best day to buy and sell Bitcoin, the study looked at the average weekly market cycles.

When should you buy and sell Bitcoin, Friday or Monday?

To determine the best day to buy BTC, a crypto investor must study the Bitcoin price movements using a site like Coinmarketcap. He must also analyze historical data about the Bitcoin market.

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This strategy was employed by analysts from Longhash. What is the result of their findings?

Longhash looked at the hourly Bitcoin price data for a period of two years and found some interesting patterns in terms of price action and volume. CryptoDataDownload provided the data for their study.

This study sought to determine the average price of open, close, high and low for each hour of every week. They took, for instance, the Monday high price at 6 a.m. and calculated the average price. For a period of two years, they did this every hour of every day. That must have been quite a task!

Researchers found that Bitcoin's average lowest price was at 6 AM UTC on Fridays. This means that on average, this is the best time for a long trade to open a Bitcoin position.

Researchers also discovered that the average Bitcoin price was 170 dollars higher on Tuesdays and Wednesdays at midnight UTC than it is on Fridays.

According to statistical data, Monday or Tuesday is the best day to cash out Friday's long position or to cash in on Friday's lower price.

What is behind Bitcoin market fluctuation?

Although nobody knows for sure, the researchers who conducted the study suggested that traders may be more active online due to timezone overlap. All traders, American, European and Asian, are active at this moment.

Researchers did not find a correlation between the lower trading volumes and the lower prices. The lower Friday prices and lower trading volumes were correlated by researchers. Their findings on lower prices are however supported by their research.

Mondays may reflect higher prices because institutional investors are taking positions at the start of the week. To prevent front-running, many OTC desks try to hide large buy orders from the retail trading market and make sell orders insignificant.

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This would support Friday's lower prices as traders cash in for the week on positions they held on Monday/Tuesday. This is speculation.

Whatever the case, we owe it to the researchers who carried out the research and revealed the amazing results.

Conclusion

As we have seen, there is no perfect market in real life. The Bitcoin market is volatile, and it may not always follow an average. The price of Bitcoin can be affected by manipulation, human behavior and news. Don't consider these findings to be gospel. This is not investment advice. It's market analysis.

Do your research thoroughly before you buy Bitcoin. We also recommend that you only invest what you can afford. We hope you are able to make informed decisions about the best time to buy or sell Bitcoin.

Should you trade Bitcoin on your own at all?

This article will help you understand the basics of Bitcoin trading before you begin.

Dr Yury Safronau is a PhD in Economics and our in-house trade expert. He will give you his top forex, stocks and metals to buy or sell daily.

Since 2015, his trading strategies that are based on nonlinear dynamic models have earned more than 65000 pip profits. There are strong buy/sell signals in several markets that you shouldn't miss.

You want to know which ones?

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What do you think of this study on when to buy and sell Bitcoin? Let us know your thoughts in the comments section below!

  1. Fashion Styles says:

    Hello! I know this is kind of off topic but I was wondering which blog platform are you using for this site? I'm getting fed up of WordPress because I've had issues with hackers and I'm looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.

    Reply
  2. Angela Mcleod says:

    Could the trading have to do with operational hours and bitcoin mining?

    Reply

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