Bitcoin’s roller coaster ride had these turns to reach below $20k

ambcrypto.com:

Assessing the broader market condition, in the current times, cryptocurrency hype looks to be fading away into the mist as per Santiment.

In fact, crypto-related commentary hasn’t been this scarce since the end of 2020.

That being said, the price of the king coin witnessed yet another correction below the $20k mark. But, interestingly, the number of Bitcoin holders continues to hike despite the looming bearish season.

BTC pricerebounded by +7% over the past week and held up better than the SP500 for a change. Thus, marking a much-needed relief for the crypto market. However, the happiness didn’t last too long.

In fact, after just two hours, as clocked by the analytical firm, Santiment, the king coin took another nosedive given the close correlation with the equity market.

Herein BTC’s rise got ‘stifled’ by the S&P 500’s mid-day plummet as per Santiment. Here’s a graphical representation of this occurrence.

Source: Santiment

Following the dive, BTC, at press time, slid down to the $18.7k mark after witnessing a fresh 8% correction in 24 hours. Ergo, erasing all the hard work it did recently.

You ask if BTC holders followed this pattern to dump their coins. Well, the reality was quite the opposite. According to the latest data from IntotheBlock, the number of BTC holders grew in the bear market.

Source: IntotheBlock

As per ITB’s analysis, ‘Over42M addresses are currently holding $BTC, 4.5M more than a year ago.’ As could be seen in the aforementioned graph. 

Well, that’s never the case with BTC, given the decorated past. Yes, BTC fell around the $18.7k mark but investors/traders continued to show increasing interest. For instance, consider the trading volume for the flagship token.

Trading volume heated up for crypto markets,