Key Highlights:
- Bitcoin’s price has seen a decline over the past five weekends.
- According to analyst Geoff Kendrick from Standard Chartered, this trend is unusual as 2024 weekend trading was typically stable.
- A brief rally occurred during early U.S. trading on Friday but quickly leveled off.
Detailed Analysis:
Bitcoin (BTC) attempted a modest recovery early in the U.S. trading session on Friday but the momentum was short-lived. Concerns linger as traders seem to be cautious ahead of the weekend.
Standard Chartered’s Geoff Kendrick indicated that the cryptocurrency’s price has fallen consistently for the last five weekends, calculated from 5 PM ET Friday to the same hour on Sunday. Factors influencing these declines include recent news on DeepSeek AI and trade war threats from Trump.
“This is not normal,” Kendrick emphasized, noting that the pricing patterns of the previous year showed a quiet weekend market, with significant movements more likely at the beginning and end of the week.
Friday Rally Attempt:
During Friday’s trading, Bitcoin briefly surged around 1.5% to $97,600 following disappointing U.S. retail sales figures for January, stirring hopes for potential Federal Reserve rate cuts in the near future. However, the price soon reverted to approximately $96,400 before the weekend.
Additionally, given the upcoming three-day weekend in the U.S. due to Presidents’ Day, there are extra considerations for traders about potential market movements.
