• Bitcoin (BTC) was well-bid at about the $28,000 mark on Friday and is currently trading at the $27, 698 level.
• Trader Ali Martinez said that if the bullish trend turns out to be accurate, BTC may approach the $34,000 level.
• 310,000 Ethereum (ETH) were removed from exchange wallets over the course of 48 hours according to data from Santiment Feed.
Bitcoin Rally Continues
Bitcoin (BTC) was well-bid at about the $28,000 mark on Friday and is currently trading at the $27, 698 level. The recent rise in buying pressure has attracted a notable inflow of cash for Bitcoin providing it an upward momentum and raising its rank higher among investment products. According to a cryptocurrency analyst, the price charts for Bitcoin are flashing a bullish pattern which might cause it to reach up to $34K.
Bullish Megaphone Pattern
Trader Ali Martinez has stated that if this bullish megaphone pattern is governing behind Bitcoin’s price action then it could target up to $34K soon. This week around 310,00 Ethereum (ETH) have been taken out of known crypto exchange wallets in last 48 hours according to data from Santiment Feed worth 558 million dollars which indicates investor cold wallet accumulation.
US Federal Reserve Decision
After a weekend surge, Bitcoin temporarily took a halt and drifted below $27000 on Wednesday as US Federal Reserve announced 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 again indicating strong conviction in buyers and sellers both alike for this market leader cryptocurrency asset.
Crypto Exchange Outflow
Cryptocurrency exchange outflow has been observed as a bullish sign since it indicates investor cold wallet accumulation which supports further growth in prices as more investors begin accumulating their assets outside exchanges due to increasing demand while reducing supply available in markets driving prices higher at times like these where we see most other traditional markets still reeling under Corona pandemic uncertainty with slow recovery progress compared to cryptocurrencies like bitcoin which are showing strong recovery signs even during these times with strong support from investors who have faith in its potential despite occasional volatility seen during periods such as these.
The rising demand for cryptocurrencies like bitcoin can be attributed mainly due to growing apprehensions related with traditional markets amidst corona pandemic uncertainty coupled with growing confidence amongst investors towards digital currencies with increasing investor adoption rate alongwith innovating technology developments being made regularly for smoother transactions making them increasingly attractive investments which can lead them towards reaching new highs soon enough provided current market conditions remain stable or become better gradually over time given current investments trends seen so far recently with increased buying pressure witnessed lately hinting towards possible future targets being achieved soon enough if current scenario persists further ahead too!