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Bitcoin’s buy bias on the turn of the month effect

Bitcoin’s buy bias on the turn of the month effect

Bitcoin’s buy bias on the turn of the month effect

in Seasonal Insights

Bitcoin prices rose over 6% on Tuesday and held gains early on Wednesday in hopes that there’s going to be fresh demand for Bitcoin in the coming weeks. The trigger for Bitcoin’s surge was the fact that the US court overturned the US Securities & Exchange Commission’s decision to block a proposal to turn the Grayscale Investment Trust into a spot Bitcoin ETF.

The hope for this decision now is that it opens the way for those who want to start the first US spot Bitcoin ETF. This will further validate the presence of Bitcoin in the financial sphere and the extra interest should also boost Bitcoin prices. However, Bitcoin prices are still much lower than the Covid era prices above $65,000.

In the near term notice, as we come into the end of the month, Bitcoin has a bias for buying around month-end from the day before and the day after the turn of the month. Around this time, Bitcoin has gained on average 1.17% and has seen an over 60% winning percentage. So does this make Bitcoin a suitable intraday buy opportunity on the latest news and this seasonal buy bias?

Major Trade Risks: The major trade risk will come from any other unexpected Bitcoin news or a very high US PCE print on Thursday.

HYCM clients can access the Seasonax product in order to analyse over 25,000 currency pairs, indices, commodities, as well as individual stocks. Please contact your account manager for a free trial. Certain products & services mentioned herein may or may not be available to all clients depending on which HYCM Capital Markets Group entity their trading account(s) adheres to.


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Legal Forms & Documents

Risk Warnings

Cookies Policy

Disclaimer: Any opinions made may be personal to the author and may not reflect the opinions of HYCM. All expressions of opinion are subject to change without notice. This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of HYCM, a third party or otherwise. Past performance is not an indication of possible future performance. Without the approval of HYCM, reproduction or redistribution of this information isn’t permitted.

Legal Information: HYCM is the trading name of Henyep Capital Markets (UK) Limited, HYCM (Europe) Ltd, HYCM Limited and Henyep Capital Markets (DIFC) Limited for which the Henyep Capital Markets group is holding company and its assets are a controlling equity interest in them.

* Cryptocurrencies are not available for trading under HYCM (Europe) Limited and Henyep Capital Markets (UK) Limited (retail clients only).

*Any opinions made in this material are personal to the author and do not reflect the opinions of HYCM. This material is considered a marketing communication and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. HYCM does not take into account your personal investment objectives or financial situation. HYCM makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast, or other information supplied by an employee of HYCM, a third party or otherwise.

Copyright © 2023 HYCM