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.