China and other Asian countries are celebrating the Spring Festival today, a deeply rooted cultural festival that marks the beginning of a new year based on the lunisolar calendar.
Interestingly, the Lunar New Year has also become a significant period for cryptocurrency markets, with the leading asset, Bitcoin BTC/USD, historically netting positive returns in the following days.
What happened: In 2024, the Lunar New Year fell on Feb. 10. Over the next 10 days, the apex cryptocurrency went from $47,765 to $51,779, pocketing a gain of over 8%.
The Lunar New Year in 2023 triggered a modest 2.4% increase; however, the preceding years witnessed a double-digit rally for Bitcoin in the 10-day window.
| Year | Date | Gains 10 Days Later |
| 2024 | February 10 | 8.4% |
| 2023 | January 22 | 2.4% |
| 2022 | February 1 | 13.20% |
| 2021 | February 12 | 20.18% |
| 2020 | January 25 | 10.11% |
Matrixport Official, Asia's leading cryptocurrency financial services platform, stated in a recent research report that Bitcoin has achieved an 83% success rate in generating gains in the post-Lunar New Year period. The report noted that the leading cryptocurrency gains more than 21% on average during this phase.
"The statistical significance of this Lunar New Year Pattern is undeniable, making it one of the most consistent events in Bitcoin's history," the report said.
See Also: Robert Kiyosaki Predicts Yet Another Stock Market Crash, Pitches Bitcoin Investments — Here’s What The ‘Rich Dad Poor Dad’ Author Said
These findings were echoed by blockchain analytics firm 10x Research, which deemed the Lunar New Year period a "historically bullish" catalyst for Bitcoin.
The analysts also noted that the optimal entry point for gains was 10 days prior to the event.
Why It Matters: The anticipation builds as Bitcoin and the rest of the cryptocurrency industry try to recover from the jitters caused by AI company DeepSeek, which disturbed financial markets globally.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Sell" signal for Bitcoin as of this writing.
On the contrary, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a ‘Buy' signal.
Price Action: At the time of writing, Bitcoin was exchanging hands at $102,549.64, down 2.76% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: iz_zi on Shutterstock.com
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