Bitcoin moves from exchanges show positive trading sentiment

The world’s largest cryptocurrency has shown very little volatility over the past week, holding steady at around $19,200. As we enter the fourth and final quarter of the year 2022, investors are curious to see where BTC is headed next.

On-chain data provider Santiment shows that a massive 32,000+ Bitcoins moved from exchanges on Friday 30. September. It is also the highest number of coins that have moved from exchanges in the last three months. This shows that the trading confidence of Bitcoin is turning positive. Historically, Q4 has been a good quarter for Bitcoin and the broader cryptocurrency market. The sentiment report says:

“Bitcoin saw 34,723 of its coins move off exchanges on September 30, indicating what could be a touch of trader confidence heading into Q4. The last time at least that much $BTC the left exchange was on June 17, where prices jumped +22% in the next 4 weeks”.

On the other hand, it seems that Bitcoin is once again emerging as the safe haven for crypto compared to other altcoins. Santiment reported that Bitcoin’s trading volumes have been growing steadily since mid-June. On the other hand, trading volume for other top altcoins has been on the decline.

“Trader interests are beginning to return to relative #safe harbour assets which $BTCwhile the rest of the markets have less trading interest,” reports Sentiment.

$19,000 An important support for Bitcoin

As Bitcoin continues to hold above $19,000 levels, strong hands have piled up here. According to data from IntoTheBlock, more than 1.21 million addresses bought 688,000 BTC. Cryptoanalyst Ali Martinez explains: “If #BTC fail to hold this level, a sell-off could follow, sending prices to $16,000 or lower”.

At the same time, the Bitcoin derivatives market is showing strength. Almost 2/3 of all open BTC futures positions have been going long.

#Bitcoin | On @BinanceFuturesabout 62.92% of all accounts with one $BTC open position lasts a long time. pic.twitter.com/dvnbYBYxxp

— Ali (@ali_charts) 1 October 2022

But one must not forget that Bitcoin has continued to show a strong correlation with the S&P 500. If the US stock market shows signs of further decline, there is a possibility of further price correction in Bitcoin.

Bhushan is a FinTech enthusiast and has a keen flair for understanding the financial markets. His interest in economics and finance draws attention to the emerging markets of blockchain technology and cryptocurrency. He is continuously in a learning process and stays motivated by sharing his acquired knowledge. In his spare time, he reads thriller novels and sometimes explores his culinary skills.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.