The cryptocurrency market is often considered complicated. While some have been unsure about investing in the industry, a few others have plunged into it. With an array of analyses on social media, investors are often confused.
Researching history is considered a practical option during times like this, and this might also be the case with Bitcoin (BTC).
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Current Bitcoin Market Situation
Bitcoin has been in a rut lately compared to its previous price growth. But the king coin saw a nearly 5% over the past 24 hours alone.
At press time, the asset was trading at $57,346.03. This puts BTC 22% below its all-time high of $73,750.07. This downtrend has been the perfect time for investors to accumulate cryptocurrency.
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Best Day To Purchase Bitcoin
Monday: The Optimal Day
A report from the Corporate Finance Institute suggested that Monday might be the best day to buy cryptocurrency. The report read,
“Generally, cryptocurrency prices start low on Monday and rise throughout the week. When the weekend hits, prices tend to drop until market activity begins the following Monday. Since prices are likely to be at their lowest point following a weekend of low trading activity, Monday is the best time of the week to buy cryptocurrency.”
Historical Data Analysis
The price of Bitcoin decreased on average from Saturdays to Mondays during the previous year of trading. According to another analysis of historical daily price data, the best days to purchase cryptocurrency are Friday through Monday.
Best Days To Sell
Meanwhile, Tuesdays and Wednesdays are considered the best days to sell Bitcoin and other assets.
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While this data is pertinent, dealing with cryptocurrency with caution is also essential.