A surprising situation? Bitcoin sees its highs and lows on “Mondays”

Bitcoin (BTC) prints a new price indicator this month – and it cannot refer to anything other than the day of the week.

In its latest Telegram market update, dated June 30th, crypto trading firm QCP Capital unveiled its Turns around Tuesdays indicator, which tracks all of BTC’s price levels over the past month.

Bitcoin marks a “Tuesday turnaround” month

According to analysts, although Bitcoin trades in a predictable range with few deviations, it has still been showing behavioral patterns over the past few weeks.

The focus is on what BTC / USD does on Tuesdays. The pair has hit the highs or lows of its range every Tuesday for the past four weeks, this week being no exception.

“The pattern so far this month is that Tuesdays mark the highs and lows of ranges,” QCP Approved on Twitter on June 22nd.

Since then, there has been a brief pullback below $ 30,000, with this “technical warning” subsequently setting aside $ 30,000 as support.

“On this basis, we have formed a moderate upward trend,” summarizes the market update.

QCP has a target of just under $ 40,000 for BTC / USD, which has remained open after hitting $ 36,630 high this Tuesday.

Bitcoin milestones are not estimated

As Cointelegraph reported, for many analysts the Bitcoin price trend does not coincide with reality.

Related: Institutional Investors Are Not Buying Bitcoin at 50% of the All-Time High … for now

With many indicators for BTC / USD “oversold”, attention is focused on removing selling pressure in the market in order to allow a natural rally to challenge resistance levels.

This pressure is believed to have come from institutional investors in the Grayscale Bitcoin Trust when it launched a significant BTC rush in late July.

Meanwhile, for the QCP, it is the groundbreaking declaration of acceptance from El Salvador that needs more recognition.

“In a broader sense, we think the market is undervaluing the recent introduction of crypto by sovereign states (El Salvador and Paraguay),” the update continues.

“These may not be huge countries, but we believe this is the turning point in BTC’s transition from a speculative instrument to an investment grade asset.”