The world's largest cryptocurrency, Bitcoin (BTC) reflected the low volatility of the market over the past week which was still hovering below the $20,000 level until it continued at the October open earlier this week.
As such investors feel suspicious of BTC's next direction as it enters the fourth and final quarter of 2022.
Explained, a total of 32,000 BTC that successfully moved from the exchange on September 30 was the highest number in the last three months.
Following that streak, trading sentiment in BTC turned positive following Q4 showing a good quarter and the broader cryptocurrency market.
The digital asset is also said to be emerging as a safe investment compared to other altcoins due to BTC's trading volume growing steadily since mid-June.
Even BTC that continued to hold above the $19,000 level also made 1.21 million addresses buy 688,000 BTC.
According to Crypto analyst Ali Martinez, a BTC sell-off is possible and likely at the $16,000 price level or below if the cryptocurrency fails to maintain its momentum.
Meanwhile, the BTC derivatives market is showing strength with almost 2/3 of the BTC futures open already taking place.
However, it should be noted that BTC is currently in strong correlation with the S&P 500 and should the U.S. equity market fall, a price correction of BTC may occur.
