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bitcoin mercury in retrograde
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Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

While crypto traders watch and wait for Bitcoin’s next major move, word is spreading like wildfire regarding an astrological event kicking off today that could have a dramatic impact on the asset’s price action during the nearly month-long phase.

But what exactly is Mercury in Retrograde, and how does it impact Bitcoin and other cryptocurrencies?

Mercury in Retrograde Begins Today: What Does This Mean For Cryptocurrencies?

Today, at approximately 12:59 AM Eastern Daylight Time, Mercury, the smallest and innermost planet in the solar system went into “retrograde.”

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This phase is preceded by a “Pre-Shadow phase” beginning on June 2. Mercury in Retrograde will last until July 12, when the celestial event concludes.

As Mercury floats across the night sky, during the retrograde phase, the planet appears to move backwards. This isn’t extremely uncommon, happening three times per year on average.

Related Reading | Can Astrology Actually Predict Bitcoin Price Cycles? 

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Its significance isn’t within its rarity, but in the implied impact the astrological event has on human behavior.

Astrology is the study of how celestial bodies such as stars, the moon, and planets, influence human emotion and behavior patterns.

Mercury in Retrograde has been blamed for broken friendships, relationships coming to an end, and other misfortune.

Price action, and the regular tug of war between buyers and sellers, also plays out based on human emotions and patterns. Because of this, Mercury in Retrograde can have a significant impact on asset prices, such as Bitcoin.

bitcoin mercury in retrograde
Source: TradingView

Astrological Event Could Determine If Bitcoin Is Bullish or Bearish

Mercury in Retrograde is so significant, it’s written about all over the internet, usually as relationship or career advice and horoscopes. People often search for how to navigate their emotions during the event to avoid experiencing any loss.

Crypto traders are also making memes and sharing anecdotes regarding the astrological event’s impact on Bitcoin price action.

While jokes are being made, the potential impact of Mercury in Retrograde on Bitcoin appears to be no laughing matter.

In the chart above, each Mercury in Retrograde phase over the last year has been outlined in red. Note how each phase, has led to a major collapse in the cryptocurrency.

bitcoin mercury in retrograde
Source: TradingView

Zooming out further, in the chart above, it appears as though during bear markets, Bitcoin crashes with each Mercury in Retrograde. However, in bull markets, each phase brings about a massive bullish impulse.

The one deviation from this rule, was in early 2019, as Bitcoin broke out from below $4,000 and took off towards $14,000. At the top of that move, another bear market and Mercury in Retrograde phase began.

Interestingly, the June 2 “Pre-Shadow phase” also was the exact date Bitcoin was recently rejected from nearly $10,500, sending prices back below the resistance level again.

Related Reading | This Unusual Factor Could Reignite Bitcoin’s Notorious Volatility 

The full Mercury in Retrograde phase is now back, and Bitcoin price is at a critical junction. How the asset responds during this astrological event could determine if the cryptocurrency is in a bear or bull market.

If Bitcoin breaks up with a powerful impulse, it could be a signal that the bull market is here. Another collapse could extend the bear market even further, starting with today’s kick-off of the event.

Whatever happens, is likely to happen soon now that Mercury in Retrograde is underway.

Tags: bitcoinbtcusdBTCUSDTcryptomercury in retrogradexbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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