Bitcoin Hits Two-Week High but Monday Dread Looms
BTC climbed to its highest price in nearly two weeks over the weekend, but traders are bracing for a historically rough Monday open.
Bitcoin pushed toward $63,500 over the weekend, marking its strongest levels in roughly two weeks and giving bulls something to cheer about heading into the weekly close. The move felt good — until you check the calendar.
Here's the problem: Monday has a brutal reputation for BTC price action. At least one trader flagged the upcoming session as "absolutely terrible" based on how Bitcoin has historically performed at the start of the trading week. If you've been holding a leveraged long over the weekend, that's a warning worth taking seriously.
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The rally into the weekly close is encouraging on its face. Breaking out of a multi-week consolidation range is exactly the kind of momentum traders want to see. But momentum means nothing if the market gives it all back in the first session of the new week — and that's a pattern that's bitten bulls before.
The setup here is straightforward: either Bitcoin holds and confirms the breakout, or Monday sellers show up and turn this into a fakeout. There's not much gray area. Watch the $63,500 level closely — losing it early Monday would be a red flag, while holding it could set up a push toward higher resistance levels later in the week.
Don't let weekend euphoria cloud your risk management. History favors caution on Mondays. Continue reading at Cointelegraph.
