CandleFocus Bitcoin pumped to $106,000 on Sunday; Is a crash bound for Monday?
2024-12-16
Author: Content Editor
The cryptocurrency market has a theory that it tends to 'pump' on Sundays and then experience a 'dump' on Mondays. However, the recent price history of Bitcoin suggests that this theory may not hold true. On November 24, November 1-2, and December 8-9, Bitcoin experienced downward corrections following a Sunday pump. On December 16, it is speculated that Bitcoin may retrace towards its nearest support zone just above $102,000. While a drop below $100,000 is possible, it appears unlikely due to historical price action and the neutral relative strength index (RSI). Possible triggers for a drop below $100,000 could include another large cryptocurrency purchase by MicroStrategy or significant selling activity among long-term Bitcoin holders.
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