Does America wake up and dump every morning (Analysis)
If you frequent the Daily Discussion like I do (hi friends), you will be familiar with the regular comments about America waking up and dumping, or some other country/continent pumping/dumping at some point or other. It got me thinking…is there any truth to this?
I took around 30,000 hourly closes of Bitcoin (around 3.5 year's worth from mid 2017 to end 2020), calculated the average price, and plotted them on a simple line chart:
Do you see what I see? Well, yes, nothing. The raw data ranges from $7858 (9am UTC) to $7887 (10pm UTC). If I zoom the chart right in, there is a bit of a pattern, but not one worth doing much with bearing in mind the spread is around 0.3% of the price.
TLDR; Nobody wakes up and dumps.
EDIT: Someone asked about volume so I'm adding that in too as I had the data still. As you can see, there is a bit of a lift between about 9AM and 6PM UTC – but this doesn't really support the dump theory