Is there a better trade than buying bitcoin late on a Friday?
Bitcoin hits $61,000
While the financial market casino closes on Fridays, it stays open in crypto and that flow of interest tends to be bullish.
Looking at the past 13 weekends, there are 8 gains and 4 declines with one weekend virtually unchanged. The gains also far outpace the declines.
The lines on this chart show Saturdays:
Now it's a bull market so you would expect an upwards skew but this weekend is another example. Bitcoin rose 8% yesterday to hit $61,680. It's edge back below $60,000 now but that's a hefty weekend return.
Looking at the chart, the gains are particularly pronounced in the weeks where bitcoin went up. That means that the best Fridays to buy bitcoin are at the end of a week where it's already gained. That underscores the FOMO of the move.