Friday the 13th is often considered an unlucky day due to superstitions. Interestingly, while it has historically been bearish for the S&P 500, Bitcoin has performed positively on this day. Data from Matrixport, a crypto services provider, shows that since 2010, Bitcoin has, on average, risen 1% on Friday the 13th. Furthermore, prices tend to surge an average of 14% and 66% in one and three months, respectively, following these peculiar Fridays.
However, there is a more nuanced evaluation of these statistics, indicating the potential for a corrective phase within the crypto market. Ethereum (ETH), in particular, is facing challenges due to limited activity in DeFi applications and a decline in NFT minting. The overall crypto market is showing signs of weakness, suggesting the possibility of lower cryptocurrency prices in the near future.
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Ether’s price is currently trading near September lows, and if key support is breached, it could lead to significant liquidation of leveraged positions and potentially a deeper slide in prices. The chart-technical levels for Ethereum are breaking, which could trigger cascading liquidations and affect the broader crypto market, including Bitcoin. It’s worth noting that Bitcoin has also dived out of a bullish trendline that characterized its bounce in September.
So, while Friday the 13th may historically be positive for Bitcoin, there are potential market risks to consider, especially with the current challenges facing the cryptocurrency market.