Fridays Prove Hazardous for Crypto Market Performance
The performance of Bitcoin and the cryptocurrency market varies by day of the week. According to long-term data, Fridays have historically been the worst trading days for both BTC and the broader crypto market.
Friday's average decline in a two-week return is the largest among all weekdays, with losses exceeding 1% on average. In contrast, weekends tend to be positive, with Tuesday showing the biggest gains.
Some experts suggest that this trend may be due to traders reducing risk and closing positions before the weekend, as well as the expiration of derivatives contracts, which can lead to increased selling pressure and amplified price movements.
The relative strength index (RSI) for Bitcoin is currently hovering near 49-50, indicating a neutral sentiment with neither buyers nor sellers in control. However, historical trends should not be used as trading signals, and any day-of-week pattern may be overpowered by significant macroeconomic releases or other market-moving events.