(Dinarian Note: Here comes the FOMO articles, to draw everyone in)
In spite of the fact that Bitcoin (BTC) has seen major price adjustments in 2022, greater investor activity has been observed in the digitalcommodity.
The quantity of Bitcoin is gradually being removed fromcrypto exchangesas investors show signs of being content with their existing holdings, according todatafrom behavioral analysis platformSantimenton October 4.
Santiment noted:
âWith less than 9% ofBTCon exchanges for the first time since 2018, it is a good bode of confidence for bulls.â
Due to the fact that Bitcoinâs supply on exchanges has dropped to another four-year low, the potential for a further market-wide selloff has been reduced.
Investors HODL Bitcoin
The ongoingcrypto marketvolatility has pushed investors to adopt different approaches to maneuver thebearishenvironment, with investors appearing to be waiting for a possible market rally in the future by opting toHODLtheir Bitcoin.
However, the balance of Bitcoin on crypto exchanges in late June wasthe lowest in three years, indicating that more people are pulling the coin off them and âhodling,â as well as suggesting that preparations are on the way for a futurebullishrun, but this has not transpired and since then Bitcoin has fallen from above $21,000 to below $20,000.
Notably, Finbold alsoreportedat the end of August, BTC deposits to exchanges hit a 2-year low.
Bitcoin price analysis
Experts in the crypto industry are evaluating Bitcoinâs recent price action to predict its future moves as the cryptocurrency tries to maintain its position above the $20,000 barrier in the midst of bleak times in the cryptocurrency market and larger macroeconomic issues.
In this line, Eight Global, a cryptocurrency consulting platform,forecastedthat Bitcoin would have âsome bullish momentumâ if the cryptocurrency were to rise over the $20,100 to $20,340 barrier zone.
The consultancy platform also noted that:
âLooking at the overall price action for BTC, we can see that we are actually consolidating for quite some time now.â
Bitcoin is currently trading at $19,905 up 3.74% in the last 24 hours and down 1.23% across the previous seven days, with a total worth of $381 billion, as perCoinMarketCapdata.