Bitcoin [BTC] investors closely watching its performance over the last few days may have seen lower volatility towards the end of September. This may just have been a likely outcome due to uncertainty regarding how it will perform in October. This performance, in fact, may be akin to the calm before the storm, one in which case Bitcoin might be heading for a big move.
Bitcoin’s exchange balance dropped substantially during the same 2-day period. However, the exchange balance metric recorded that only about 42,902 BTC moved out of exchanges.The aforementioned amount in BTC was worth roughly $825.6 million at press time price levels. This seems to align with the observed weighted sentiment shift in favor of the bulls after 25 September.Whales on the move?
Most of the whales reduced their activity, especially on the last day of the month. Some of the largest addresses reduced their balances slightly during this period. This outcome has contributed to the slight downside over the last 3 days, but it might be a form of market manipulation.Bitcoin concluded September with higher relative strength on the RSI and a MACD flip above the zero line. These observations side with the bulls.
Source: Digital Coin News (digitalcoinnews.net)
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