Bitcoin defies the 'Sell Rosh, Buy Yom' trading adage, rallying to $86,780 on Yom Kippur as a short squeeze overrides historical seasonal expectations.
Article discusses Bitcoin's price action around Jewish holidays, noting it hit an 8-month high above $86,000 despite the traditional sell-Rosh-buy-Yom strategy.
Bitcoin surged to an eight-month high of $86,780, effectively invalidating the traditional 'Sell Rosh Hashanah, Buy Yom Kippur' market strategy. Despite expectations of a price dip between the Jewish holidays, a significant short squeeze propelled the leading cryptocurrency to new heights.
It is a market adage suggesting investors sell assets before the Jewish New Year (Rosh Hashanah) and repurchase them around Yom Kippur, anticipating a price decline during the 10-day interim.