Bitcoin's Rise to $28,000 Faces Hurdles Amid Low Activity: Can the Momentum Hold? The price of Bitcoin has surged past $28,000, marking its highest level in 9 months, as turmoil in global markets continues to unfold. But the journey to maintain this level isn't without its challenges. As of writing, the leading Bitcoin [BTC] has been striving to establish a foothold at the $28,000 mark. Despite facing several obstacles on its journey, a recent positive development has caught the attention of investors: Bitcoin’s exchange outflows surged significantly over the past weekend, marking one of the most significant outflow days in more than a month. This suggests a growing accumulation trend, as users are moving their Bitcoin off exchanges, potentially signaling long-term holding strategies.

Despite the promising outflows, the rally faces headwinds. While Santiment reports that Bitcoin has seen its outflow increased. , overall on-chain activity remains relatively low. This divergence between price and activity raises questions about the sustainability of the current surge. Are the outflows driven by genuine long-term investors, or are they speculative moves that could quickly reverse? Understanding the underlying drivers of these outflows is crucial for gauging Bitcoin's near-term trajectory.

Bitcoin [BTC] has been striving to establish a foothold at the $28,000 mark. Despite facing several obstacles on its journey, the market remains cautiously optimistic. The coming weeks will be crucial in determining whether Bitcoin can solidify its position above $28,000 or if the low activity and inherent market volatility will trigger a correction.