The number one cryptocurrency, Bitcoin, is steady at around $19,200 and has shown very little volatility in the past week. At the advent of the fourth quarter of 2022, investors are wondering where BTC will stand and what will bit e its value next year.
On Friday, a massive amount of Bitcoin, equal to 32,000 units was out of the exchange on Friday, September 30. This was revealed by On-chain data provider Santiment and is another indication that the trade confidence in Bitcoin is turning positive. The past quarter four has always seen good tidings for Bitcoin.
The report adds, “Bitcoin saw 34,723 of its coins move off exchanges on September 30, indicating what may be a hint of trader confidence heading into Q4. The last time at least this much $BTC left exchanges was June 17, where prices jumped +22% the next four week four”.
As opposed to other altcoins Bitcoin, Bitcoin still enjoys a fair degree of respectability and is seen as a safe bet. Santiment report also adds that Bitcoin’s trading volumes have been progressively rising since mid-June. On the other hand, the trading volume for other top altcoins has been waning.
Santiment report concludes that investors are once again turning their attention to assets that are safer, like BTC, while the rest of the markets have less trading interest
$19,000 A Vital support for Bitcoin (BTC)
Bitcoin must stick at the $19K support level, and a strong support level is developing here. Data from IntoTheBlock reveals that more than 1.21 million addresses bought 688,000 BTC. Well-known Crypto analyst Ali Martinez opines that if BTC fails to hold fast at the $19K support level, it could lead to a sell-off, and the prices could tank further to $16K.
Bitcoin derivative markets are also showing strength, and 75% of all open BTC future positions are going for a long time. The correlation between the S&P 500 and Bitcoin is very evident, and if the US equity market shows signs of a downfall, further price correction in Bitcoin is possible.