Bitcoin Rally Continues
• Bitcoin (BTC) was well-bid at about the $28,000 mark on Friday, maintaining its upward trend.
• A cryptocurrency analyst said that if the bullish trend turns out to be accurate, BTC may approach the $34,000 level.
• According to data from the crypto analytics company Santiment, 310,000 Ethereum (ETH) were removed from exchange wallets over the course of 48 hours.
Uptrend in Bitcoin Price
The recent rise in buying pressure for Bitcoin has attracted a notable inflow of cash, providing the asset an upward momentum and raising its rank higher among investment products. 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.
Bullish Megaphone Pattern
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 this bullish megaphone is indeed governing pattern behind BTC price action, we could target $34,000.
Increased Interest Rates
After a weekend surge, Bitcoin temporarily took a halt and drifted below $27,000 on Wednesday as the U.S 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.
Crypto Exchange Outflow
Martinez further mentioned that around 310,000 Ethereum (ETH) were removed from exchange wallets over the course of 48 hours according to data from crypto analytics company Santiment. In earlier trends observed such cold wallet accumulations have been seen as a bullish sign because it indicated investor accumulation behaviours.