{"id":2042,"date":"2021-03-17T16:59:13","date_gmt":"2021-03-17T15:59:13","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/03\/17\/why-bitcoin-investors-arent-likely-to-see-green\/"},"modified":"2021-03-17T16:59:13","modified_gmt":"2021-03-17T15:59:13","slug":"why-bitcoin-investors-arent-likely-to-see-green","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/03\/17\/why-bitcoin-investors-arent-likely-to-see-green\/","title":{"rendered":"Why Bitcoin Investors Aren’t Likely To See Green"},"content":{"rendered":"
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Bitcoin price is struggling to keep above $55,000 at the moment, after a rejection from new record highs set above $60,000 over the weekend. A massive Monday selloff has extended days now, into the Wednesday St. Patrick\u2019s Day holiday \u2013 a day typically known for all things green.<\/strong><\/p>\n

Historically, Bitcoin investors on St. Patricks Day have more often than not ended the day with a red candle. Could this year be different, given the strength of the crypto market uptrend? Here\u2019s a closer look at which holidays in the past closed green, and what might happen before the candle closes on today\u2019s trading session.<\/strong><\/p>\n

St. Patrick\u2019s Day Holiday Origins Explained In Brief<\/h2>\n

St. Patrick\u2019s Day is a \u201ccultural and religious celebration\u201d recurring annually on the death of \u201cthe foremost patron saint of Ireland, according to Wikipedia<\/a>. Folklore claims the Saint Patrick drove \u201csnakes\u201d out of the country, while actually symbolizing religious evangelism that drove the Celtic pagans out of favor for Christianity.<\/p>\n

RELATED READING |\u00a0FRIDAY THE 13TH: HOW SUPERSTITION COULD IMPACT BITCOIN TREND CHANGES<\/a><\/strong><\/em><\/p>\n

The holiday recurring every March 17th is associated with festivals, celebrations, alcohol, and of course, the color green. Excessive drinking was born from an allowed break from strict lent guidelines on the holiday, while the color green arrived due to the patron Saint using the shamrock to explain the \u201choly trinity\u201d to pagans.<\/p>\n

However, when it comes to Bitcoin price action<\/a>, investors have more often than not seen a red \u2013 not green \u2013 daily candle close each year on March 17.<\/p>\n

\"bitcoin<\/p>\n

Happy St. Patrick's Day from Bitcoinist | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Historically Red: Will Bitcoin Price Close The Daily In The Green?<\/h2>\n
Looking back throughout the history of all BTCUSD trading action<\/a> on cryptocurrency exchange Bitstamp, each past St. Patrick\u2019s Day has been marked in the chart above.<\/p>\n
During the earliest days of Bitcoin, price action was more often than not green thanks to how young the technology was<\/a>. Every tiny drop of capital that came into the cryptocurrency moved the needle significantly. This caused the first two holidays to close green.<\/p>\n
The next two years investors were left with red daily closes, due to the ongoing bear market of 2014 through 2015. As a new bull market began in 2016, bulls were able to follow their way to a pot of digital gold<\/a> with a holiday daily close back in the green.<\/p>\n
RELATED READING |\u00a0CHRISTMAS EVE DATA: HO-HO-HOLDERS OF 1 BITCOIN OR MORE GROW YEAR OVER YEAR<\/a><\/strong><\/em><\/p>\n
The three years following, however, investors were back to seeing red. Last March, only days following the Black Thursday market collapse<\/a>, Bitcoin price action closed St. Patrick\u2019s Day in the green.<\/p>\n
Today, St. Patrick\u2019s Day is being celebrated across the globe<\/a>. Considering past data, there is a higher probability that this St. Patrick\u2019s Day also closes red. Further statistics for March also suggest that the month is the bloodiest on record for Bitcoin, further increasing the chances for things to go awry.<\/p>\n
The leading cryptocurrency by market cap has been in an uptrend for a full year since the last holiday, and could be running out of steam temporarily. Currently, the daily candle is red, and would require bulls to push prices back up to over $56,950 on Bitstamp to close the day in favor of the color of St. Paddy\u2019s Day.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n<\/p><\/div>\n
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