Bitcoin has seen a price decrease for five consecutive weekends, an atypical trend noted by analyst Geoff Kendrick at Standard Chartered. A brief rally on Friday was swiftly reversed as caution among investors grows in anticipation of the holiday weekend. This pattern is inconsistent with historic weekend trading, which typically shows muted activity.

The price of Bitcoin has seen a decline for five consecutive weekends, an unusual pattern according to analyst Geoff Kendrick from Standard Chartered. The notable weekend price drops have occurred from 5 PM ET on Fridays through to the same time on Sundays, a timeframe that has historically been more stable. In light of low market activity during weekends, Kendrick emphasizes that typically, significant price movements tend to happen on Fridays and Mondays.

Early on Friday, Bitcoin experienced a brief rally, climbing 1.5% to reach a price of $97,600 following a disappointing U.S. retail sales report for January. However, this optimism was short-lived as the cryptocurrency’s price retreated to approximately $96,400 shortly thereafter. This fluctuation suggests that investors may be cautious about holding positions over the upcoming weekend, particularly with the holiday on Monday for Presidents’ Day, which means U.S. markets will remain closed.

In summary, Bitcoin’s price decline over five straight weekends is atypical and raises concerns among analysts. Despite a minor rally early Friday, Bitcoin’s value quickly fell, indicating cautious investor sentiment ahead of a long weekend. Observers are encouraged to pay closer attention to price movements on weekdays, as weekends appear less impactful for Bitcoin trading.

Original Source: www.coindesk.com

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