On Friday, Bitcoin (BTC) was well-bid at about the $28,000 mark, maintaining its upward trend. In the midst of the banking system’s upheaval, Bitcoin’s recent rise in buying pressure has attracted a notable inflow of cash, providing the asset an upward momentum and raising its rank higher among investment products.
This means that the current upward movement, which saw Bitcoin surpass $28,000 this week for the first time in nine months, was supported by a lot of conviction. At the time of writing, Bitcoin is trading at the $27, 698 level and is down by more than two percent in the last 24 hours.
According to a cryptocurrency analyst, the price charts for the market leader Bitcoin are currently flashing a bullish pattern. Trader Ali Martinez said that if the bullish trend turns out to be accurate, BTC may approach the $34,000 level.
Bitcoin to the Moon Soon?
After a weekend surge, Bitcoin temporarily took a halt and drifted below $27,000 on Wednesday as the U.S. The Federal Reserve announced it was increasing interest rates by 25 basis points as part of its campaign to contain inflation. Yet by Thursday, the leading crypto asset had made up those losses.
“Bitcoin – Nothing has changed. If this bullish megaphone is the governing pattern behind BTC price action, we could target $34,000.”
Martinez further mentioned that this week, around 310,000 Ethereum (ETH) were removed from exchange wallets over the course of 48 hours, according to data from the crypto analytics company Santiment.
“310,000 ETH have been taken out of known crypto exchange wallets in the last 48 hours, worth $558 million, shows data from Santiment Feed,” he said.
In the past, it was observed that the cryptocurrency exchange outflow was a bullish sign since it indicated investor cold wallet accumulation.