Crypto Movement

We can see a solid correlation between BTC and most of the altcoins. What has been very interesting in the past few months is that if the market is up on the weekends it usually drops on Monday... Why is that? Well there is a long answer but I'll give you the short one. Futures

Ever since the futures market for bitcoin was created late last year there is a part of the market that is not open during the weekend. When prices go up during the weekend people with long futures positions cannot take their profits along the way, so when they wake up on Monday and see some decent gains, some of those futures holders close their positions and take their profits. When those positions get closed it drives the market down.

Here is the candles for the last month. Take a look at the last two red candles. They show the open and close prices of BTC Futures. On Friday BTC Futures closed at a bit under $7500. When it opened on Monday the price was above $7600, which means that over the weekend people who held those positions made a quick $100 and some of those positions got closed. As the futures market went down throughout the day we saw a bit of a reverse that happened on Tuesday (Today) where price went up again.