For the cryptocurrency market, crashing on the weekend has been somewhat of a regular occurrence.
On the contrary, others have suggested that most short-term traders look to book profits on the weekend and sometimes, whales shake out weak hands.
On 23rd May, the total crypto-market cap dropped by 8.73%, but it was down by almost 21% for a brief moment.
Now, according to Ecoinometrics, the median and the average returns have actually been in the same range for each day of the week since the 1st halving for Bitcoin.
Structurally, it could be a random coincidence again if Bitcoin drops down to $34,000 or under during the coming weekend.
The expected weekend correction would possibly unfold for a bullish perspective as BTC established its new demand zone with its recovery on 9th June.
However, the said reasoning is based solely on market structure as it does not incorporate any other external factor.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.