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Bitcoin tends to surge during holiday periods, even if sentiment is negative



bitcoin

It is a week for holiday travel in the United States, as its Independence Day falls on a Thursday. Since the majority of “non-fake” Bitcoin volume tends to be U.S.-centric, analysts are quick to note any variations that may occur when analysts and traders alike are taking time off to travel to see family or just to get away. Bitcoin had fallen from grace recently, trolling about $9,700 while it searched for valid support at the exalted psychological barrier of $10,000. Then, for no apparent reason, the world’s favorite cryptocurrency vaulted $2,000 during the 3rdof July, generating a wave of research to determine the reasons for such a positive thrust.

Following the recent rapid recovery above $10,000, Josh Rager, a well-respected crypto trader and analyst, who has been quoted often during Bitcoin’s rapid rise over the past five months, expressed positive sentiments regarding recent market moves:

Last couple days were a bear trap (in my opinion) and Bitcoin continues to look strong. Lots of buyer interest at $10k and see a move up over $12ks this coming week. One step at a time, will look to new yearly highs after $12k/$13k reclaimed.