Why Bitcoin Could Rally on a U.S. Federal Holiday With Stock Market Shut

Tony "The Bull" Severino

5 years ago

2 mins read

bitcoin memorial day crypto stock market

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This weekend and on Monday, trading desks across the stock market and other traditional markets will be shut down. But Bitcoin and the rest of the crypto market never stops.

With the stock market closed, less to do, and traditional celebrations next to impossible due to lockdown conditions, it could keep more traders at home, driving an increase in interest in Bitcoin and other crypto assets.

Stock Markets Close For Memorial Day Weekend, But Crypto Never Sleeps

This coming Monday, and all throughout the weekend, the United States will celebrate the Memorial Day holiday and pay respects and remember those brave military personal who lost their lives fighting for freedom.

Out of respect also, and to give traders a break from the tense, shark-infested markets to celebrate with family members, many traditional markets close for the long, three-day holiday weekend.

Major US stock indexes and markets are closed. And there’s a bank holiday coinciding in the UK that will see the London Stock Exchange and the FTSE index shut down.

The pandemic boredom has left individuals with time on their hands, and the allure of extreme volatility and therefore profits have caused a massive spike in new trader registrations amongst millennials.

The lockdown conditions caused by the pandemic means that there will be fewer parades, fewer celebrations and gatherings, and fewer home barbecues. This leaves traders with more time on their hands over the weekend to trade, but only the cryptocurrency market is open.

The only action taking place this weekend will exist for Bitcoin and altcoin traders.

More Past Memorial Days Have Pumped Than Dumped

Bitcoin also has some of the most volatile price action over weekends, due to lower liquidity. Data has also shown in the past that holidays are often associated with Bitcoin FOMO.

The last several years’ worth of Memorial Days have been highlighted on the below chart.

Starting in Memorial Day 2017, Bitcoin saw a strong drop but later rose roughly $2,000 to $20,000 in the months ahead that year.

In 2018, Bitcoin some temporary upside before a bigger drop and bottoming formation was attempted.

Next, in 2019, Bitcoin price was trading at the same exact price level as it is currently – a whole year later. After a short-lived dip, the cryptocurrency rocketed to $14,000. Could the same thing happen following the price action this weekend?

The data set is small, and there’s no real rhyme or reason to if, why, or when Bitcoin pumps during holidays or after. The small set of data has shown more upside than downside following each Memorial Day weekend – but what will happen this weekend across the crypto market?

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
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In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.