The three witches arrive and Bitcoin and crypto add fear to fear. What can happen?
The good ones use the formula in English – Triple Witching – the more local ones talk about three witches. It is an event that occurs every 3 months, on the third Friday. And therefore the third Friday of March, June, September and December. And therefore today too.
There are three witches, because they refer to the simultaneous expiration of options on shares, options on indices and also options futures on the same indices. It is historically a day of great volatility, at least on these markets, because there is a closure of a relatively large number of positions. And since the crypto market has a certain financial dignity, this event is analyzed, studied and feared also in relation to Bitcoin e cryptocurrencies.
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The three witches: how they impact Bitcoin and crypto
It is one of the most feared events in the financial markets. And in reality the fatal hour is the closing time of trading, at 10pm Italian time. We will therefore also have to pay attention to the market Bitcoin e crypto? Let’s see together what happened in the last few days of the witches also to understand how much there is narrative and how much instead of reality.
It was actually a pretty quiet day in terms of opening and closing prices. In fact, that day, after an important run the previous day, it opened at $62,941 to close at $63,192.
However, the day of the three witches is a day known for… increasing volumes. Was it like this? The chart above should help you understand that, at least for that day of the three witches… there wasn’t much volatility compared to the previous days.
Let’s move on to the even earlier day of the three witches, June 21, 2024. What happened to Bitcoin? Slight decline, opening at $64,837 and closing at $64,096.
Primo day of the three witches of 2024. At least this time there have been some major upheavals in prices and volumes for the Bitcoin and Crypto market. BTC price opened that day at $71,387 and closed at $69,403.
As regards volumes, this was the only one of the three days of the three witches to actually record significantly higher volumes than those of the previous days.
More legend than predictive ability
Wall Street also loves to tell itself stories, have its own anniversaries and its own rituals. Data in hand on the day of three witches it wasn’t always a day of increased volatility just as it wasn’t always a day of increased volumes.
We must therefore take with a grain of salt all the posts of great concern that we read on social media. To invite calmthere are other types of situations which have developed in recent days, and whose effects will probably continue to be more interesting than those produced by the three witches.
