The price of Bitcoin in the past month has almost continued to fluctuate between US$61,000 and US$57,000. However, reports pointed out an interesting phenomenon, that is, analyzing the overall market from the perspective of trading hours, it showed "Buy during Asian hours, Sell during Western session". Bitcoin has recently fallen from a high of $61,000 at 11 a.m. Eastern Time on August 29, to a closing price of $58,000 at 11 a.m. the next day, a 24-hour drop of nearly 5%.
ETH, LINK, and ADA have fallen more than BTC. SOL has been weak recently but still performed well this year.
The report further pointed out that Bitcoin fell again during the U.S. trading session, and the price fell back to $58,000 before noon on the 30th Eastern Time Zone. Bitcoin prices fell nearly 5% in 24 hours, but the decline was still better than the 5.6% decline in the broader market benchmark CoinDesk 20 index. Altcoins performed more subdued by comparison, with Ethereum, Chainlink and Cardano all falling more than Bitcoin, with Solana performing the worst, down 9%.
It also stated that Bitcoin has fallen by more than 12% in August, showing that in the short term, Bitcoin has completely reversed its strong trend in July. Ethereum fell 25% in August, narrowing its year-to-date gains to 7%. Solana also saw a 25% decline in August, but it's still up 31% year-to-date.
Analyst: Asia buy, US sell pattern has continued for weeks
And for those who continue to care about market trends, this situation is no accident. Analyst Miles Deutscher said: “The pattern of buying in Asia and selling in the United States has been going on for several weeks.” He added that in the past two weeks, Bitcoin’s cumulative return during Asian trading hours exceeded 5%, while U.S. trading The period showed negative returns. “This move is like clockwork,” Miles Deutscher added as Bitcoin sold off again in the morning ET.
The increase in volatility is a certainty, and the focus moves to the August non-farm payrolls report
The report finally pointed out that for bulls, the current market environment does not seem to show any signs of changing the bad trend. Although Bitcoin has fallen by more than 20% from its all-time high of $73,500 in the past five-plus months, what is even worse is that there is no shortage of positive market catalysts at this time, such as the entry of institutions, a friendlier regulatory environment, and possible The Federal Reserve will cut interest rates, etc., but their impact on Bitcoin prices will be limited.
He also said that as the United States ends the Labor Day holiday next week, market conditions may become more volatile, and continue to pay attention to whether the latest economic report changes the macro situation. The August non-farm payrolls report will be released on September 6th. It is widely expected that the weak employment report in July may be the last straw for the Federal Reserve to cut interest rates in September. However, the market currently expects that the Federal Reserve will only cut interest rates by 25 basis points in mid-September.
But a second consecutive weak jobs data could prompt investors to reassess the possibility of a 50 basis point rate hike from the central bank, which would have a positive impact on risk markets, including Bitcoin. A strong September jobs report could undermine market expectations for looser monetary policy.
This article Has the West lost patience? Analyst: Data shows that Bitcoin has been buying in Asia and selling in the West recently. appeared first on Chain News ABMedia.
