Top Reason Why Bitcoin (BTC) Just Reclaimed $24,000

Bit­coin, the largest cryp­tocur­ren­cy, has man­aged to touch the piv­otal $24,000 lev­el once again. 

Ear­li­er today, the bell­wether coin peaked at $24,258 on the Bit­stamp exchange before giv­ing up some gains. 

Bitcoin’s lat­est price uptick coin­cid­ed with a big U.S. stock ral­ly. The tech-heavy Nas­daq 100 index, which is tight­ly cor­re­lat­ed with Bit­coin, is up near­ly 3%.

Shares of social giant Meta soared more than 20% despite the fact that the com­pa­ny record­ed an earn­ings miss. How­ev­er, cost cuts and the company’s $40 bil­lion buy­back man­aged to over­shad­ow the under­whelm­ing report. 

As report­ed by U.Today, the largest cryp­tocur­ren­cy expe­ri­enced lit­tle volatil­i­ty after the Fed­er­al Reserve hiked the bench­mark inter­est rate by a quar­ter per­cent­age point, which was in line with the market’s expectations.

How­ev­er, Fed Chair Jerome Pow­ell has sig­naled that the cen­tral bank would con­tin­ue hik­ing inter­est rates in order to tame infla­tion, mean­ing that a much-cov­et­ed dovish piv­ot will not hap­pen any­time soon. 

Bitbank’s Yuya Hasegawa told CNBC that Bitcoin’s cur­rent ral­ly appears to be in a pre­car­i­ous posi­tion since bulls are strug­gling to print a dai­ly close above the make-it-or-break-it $24,000 level.

Hence, it might seem like the largest cryp­tocur­ren­cy is already los­ing its momen­tum after record­ing stel­lar gains in January. 

The largest cryp­tocur­ren­cy is up more than 40% this year, which is a sig­nif­i­cant relief ral­ly fol­low­ing a string of loss­es in 2022. 

That said, the largest cryp­tocur­ren­cy is still down more than 65% from its record high.