When it comes to buying Bitcoin or any coins for that matter you want the best deal possible.
In terms of what day of the week is best to buy bitcoin thankfully there's loads of historical data that tells us prices are typically lowest on Mondays.
When it comes to finances and accumulating coins it's understandable that everyone wants the best deal.
Knowing the best day of the week to buy bitcoin and cryptocurrencies will possibly give you an edge when it's time to buy. Maybe you're using a DCA (dollar cost average) strategy which sees you buy cryptocurrency once a month on a set day. Tt would make sense to figure out the best day of the week and the best time of the month as well right?
Some people are ready to take this one step further and even figure out how to avoid buying coins on pay day. If you get paid and it's time to buy coins, you have to think you're not alone. If people have fresh funds available and are looking to accumulate it's possible this drives up demand and price on that given day, making it something you may want to consider avoiding.
According to multiple analyses on average daily bitcoin prices, Sunday and Monday are the best days to buy BTC. The sole reason behind this statement is that prices tend to be at its lowest in those days. -crypterium.com
From my observation and anecdotal evidence this would be true. I've always suspected that people who get paid on Fridays will grab some bitcoin or coins especially if there's a rally in the market, possibly because it's pay day for many. A sort of cycle that feeds itself.
But markets and pretty much everything in life is always in a state of flux, everything ephemeral.
In doing some research for this post I found some interesting information from [CryptoCompare](https://www.cryptocompare.com/) showing that historically trading volume is lowest on the weekend, as by as much as 13%.
This would play in my theory above that retail investors buy on Friday and then perhaps get busy on the weekend and return to their computers on Monday possibly with the intension of taking profits or upon seeing prices slide, panic and hit the sell button.
But hold up, apparently this trend has changed recently with our current bull market!
Trading volumes across six major cryptocurrency exchanges have been 10% higher at weekends than weekdays in that period, data from researcher CryptoCompare shows. That represents a major shift from the previous 11 months, when weekend volumes were 13% lower than traditional trading hours. -reuters.com
Now that cryptocurrency is hot hot hot more people are finding interest and the time to get online and access exchanges on the weekend!
How about that! I think this still plays into the price climbing on Friday and now possibly through the weekend only to start dropping come Sunday and Monday, making Monday still the best day on average to accumulate coins.
Does Bitcoin Go Up On Weekends?
Weekends have definitely been a wild ride these past few months and apparently I'm not alone in my observation.
Bitcoin, which trades 24/7, tends to spike on weekends. In fact, surges in weekend activity since the beginning of May account for about 40% of gains. www.bloomberg.com
Ok to summarize we now have a trend where people buy on Fridays and Saturdays, with this increase in demand driving up the price of Bitcoin. Then as discussed above this is followed by a selloff come Sunday and Monday.
I live in North America in the EDT time zone so for me Sunday is already Monday in Asia. Not all Sundays are terrible but I do notice earlier on the day things can be fairly stable but as the day progresses the sell off starts and the bleeding continues into Monday.
What is the worst day of the week to buy bitcoin
Taking into consideration that many buyers enter the exchanges on Fridays when it's payday and run up prices into Saturday as they have the extra free time on hand to trade. This makes Saturday the worst time to buy Bitcoin.
All you have to do is wait it out a couple more days, and find a little bit of spare time on a Monday morning or afternoon and you might find yourself getting the best deal possible.
When it comes to a DCA strategy I would also try to avoid the 1st and 15th of the month because I know some businesses will pay on these days as well. If you can line up a Monday afternoon once a month that does not fall on the 1st or 15th, you're likely looking at the best time to accumulate coins.
Ciao for now,
@agr8buzz
Posted Using LeoFinance
