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On-chain analytics company Santimento 34,723 BTC moved from exchanges on Sept. 30, the highest in over three months and the fourth largest Bitcoin move in 2022.
#bitcoin The movement of 34,723 coins from exchanges on Sept. 30 indicates a possible hint of trader confidence heading into Q4.This much last time $BTC It left the exchange on June 17th and the price jumped +22% over the next four weeks. https://t.co/QUCCAllxtj pic.twitter.com/vPG1RKWUpX
Santiment (@santimentfeed) October 2, 2022
This remains a potentially bullish indicator for the lead crypto as Santiment shows it may indicate trader confidence heading into Q4. The last time such a large amount of BTC left the exchange was on June 17, and the price rose almost 22% in the weeks that followed.
In its latest analysis, on-chain data analytics firm CryptoQuant points out that exchange reserves have slumped by more than 60,000 BTC over the past three days. It remains the highest in months and could be a sign that demand is returning to the market after months of price declines, he said.
Exchange outflows are still positive, but lower supply on exchanges could mean less selling pressure by market participants.
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BTC is currently down slightly at $19,281. Sentiment among traders remains low following September’s lackluster price performance, which could be another potentially bullish indicator.
Citing data from Santiment, cryptocurrency analyst Ali said, Market sentiment for Bitcoin remains negative. Social data from the Santiment feed shows a weighted sentiment score of -0.33. , but Bitcoin talk on social media is well below 20%, indicating interest in Bitcoin.
Bitcoin (BTC) failed to hold above $20,000 at the close of September, ending the month at $19,425 and staying low. Capped at his 3.16% loss in September, Bitcoin has yet to show growth in October and the price so far has fallen 1.64%.
Crypto analyst Will Clemente highlights Bitcoin’s historic Q4 performance. % and he is 58%. Does seasonality matter? Let’s see.
Whether history repeats itself in this scenario remains to be seen.
