Bitcoin (BTC) hit new weekly lows on September 28 as its decline continued overnight. The data showed that BTC/USD fell almost $2,000 from the previous day’s high to $18,461. The change of direction came with stocks turning red after initially rising marginally at the Wall Street open. The S&P 500 and Nasdaq Composite Index finished the day down 0.25% and gaining 0.25%, respectively. Meanwhile, some whales are experiencing awakening. So what’s next?
Bitcoin is experiencing strong volatility
cryptocoin.com As we reported, after breaking above $20,000 on Tuesday, Bitcoin could not maintain these levels. It fell once again. Bitcoin price is currently trading around $18,700, down 7%. Along with Bitcoin, the broader crypto market is experiencing strong turbulence and volatility with trading volumes increasing significantly. On chain data provider Santiment used the following statements:
Trading volume for crypto markets and #Bitcoin in particular has heated up. During Tuesday’s big drop, BTC peaked at the highest transaction level since June 14. Volume has gradually increased all year since bottoming out in late January.
While Bitcoin and the broader crypto market tried to break the clutches of US stocks, it didn’t hold up long. Global macros continue to heavily influence Bitcoin price as stocks, bonds and commodities display strong volatility amid high inflation, interest rate rise and a dim economic outlook.
Mysterious whale moves
Meanwhile, a mysterious Bitcoin whale is moving a large number of coins that have been dormant for ten years. According to Philip Swift, creator of the on-chain analytics tool Lookintobitcoin, a total of 510.65 BTC worth about $10 million was moved in the last week alone. Notably, these moves came after a prolonged bear market.
It is unclear whether one or more people were behind the 510 dormant BTC movement. While the move suggests whales are poised to sell, Blockchain data shows that the BTC supply, active more than a decade ago, has reached an all-time high.
What are the traders’ expectations?
Popular Twitter account Il Capo of Crypto confirmed that October chose to copy last year’s performance. In the comments, “4. He added that he expects an increase in the quarter. But first, he stated that new declines would come. Meanwhile, analyst Rekt Capital pointed out the hurdles Bitcoin has to overcome in its monthly timeframes. He pointed to a “sharp rejection at $18,000” in a tweet about the upcoming monthly candle close. Rekt Capital added that a close below this green line would mean an exit from the monthly range that has been operating since late 2020.
While discussing when the 2022 bear market might end, opinions differed on the use of data from previous halving cycles. Uploading a comparative chart, STACKS Podcast host Luke Martin noted that 322 days have passed since Bitcoin’s all-time high of $69,000. After an all-time high before 2017, BTC/USD spent 364 days in a bear market. He made me think that if history repeats itself, the end may come. “The cycle timing here is optimal,” said Charles Edwards, creator of crypto asset manager Capriole. However, it should be noted that the macroeconomic situation is not the same as in 2018.
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