The world’s largest crypto-currency has shown very little volatility over the past week and remains steady around $19,200. As we enter the fourth and final quarter of 2022, investors are curious about where BTC is headed.
On-chain data provider Santiment shows that more than 32,000 bitcoins left the exchanges on Friday, September 30. This is also the highest number of coins that have left the exchanges in the last three months. This shows that merchant confidence in bitcoin is turning positive. Historically, the fourth quarter has been a good quarter for bitcoin and the crypto-currency market in general. The Santiment report states. :
“Bitcoin saw 34,723 of its coins leave the exchanges on Sept. 30, indicating what may be an indication of trader confidence heading into Q4. The last time at least that much $BTC left the exchanges was June 17, when prices jumped +22% over the next 4 weeks.”
On the other hand, bitcoin seems to be emerging again as the safe haven crypto asset compared to other altcoins. Santiment reported that Bitcoin trading volumes have been steadily increasing since mid-June. In contrast, the trading volume of the other major altcoins is down.
“Traders are starting to take a renewed interest in relatively safe assets like Bitcoin, while the rest of the markets are showing less interest in trading.” Santiment reports.
19,000: a vital support for Bitcoin
As bitcoin continues to hold above $19,000, strong hands have been accumulating here. According to data from IntoTheBlock, more than 1.21 million addresses have bought 688,000 BTC. Crypto analyst Ali Martinez explains, “If #BTC fails to maintain this level, a selloff could ensue, sending prices to $16,000 or lower“.
At the same time, the bitcoin derivatives market is showing strength. Nearly 2/3 of all open positions in BTC futures are long outstanding.
– Ali (@ali_charts) October 1, 2022
But it should not be forgotten that bitcoin has continued to show a strong correlation with the S&P 500. If the U.S. stock market shows signs of a further decline, there is a possibility of a further correction in the price of bitcoin.