Jake Gordon, research analyst at Bespoke Investment Group, observed that contrary to previous practice, we are currently buying BTC at the opening and selling at the close. This means the time-tested token strategy is over.
Gordon noted that this type of new trading strategy started in the past month. He wrote: "BTC and Ethereum price action has turned from intraday weakness earlier in the year to higher intraday." According to reports, people who bought US stocks and sold closed actually earned stronger profits.
However, the exact reason for this new trend has yet to be found, but Gordon feels it may have something to do with the recent hectic news flow in the after-hours market.
Earlier, BespokeBTC markets closed higher over the weekend. Even so, from Monday to Friday, tokens traded flat ahead of the stock market open, but fell as trading began.
Notably, BTC has been more profitable during the pandemic as traders buy and sell the token outside of normal trading hours. These traders use this strategy to infer that they will make more money in this market trend.
Currently, the price of BTC is 22,194. It has risen 3.44% to $58 in the past 24 hours. The token has also surged 8.7% over the past week. In addition to the new trading strategy, the BTC uptrend is shown on the one-hour trading chart from the day.
