Bitcoin surged as high as $23,800 Wednesday, up 8% in 24 hours and trading at levels not seen since mid-June.
"Bitcoin is beginning to find its feet after a shaky month, and the next week will be telling," Trenchev said.
The U.S. central bank is expected to hike rates again at its next policy meeting, but economists are forecasting aCryptocurrencies were touted as a source of value uncorrelated with traditional financial markets. But as institutional capital poured into digital assets, that thesis failed to materialize once the Fed began hiking interest rates and traders fled equities.
A rally beyond $22,700 means the cryptocurrency has now recovered its 200-week moving average, laying the technical groundwork for a"trend reversal," according to Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank. "The market needs a little more assurance for deceleration in the pace of rate hike by the Fed," he said."Nevertheless, a short-term outlook for bitcoin is bullish and it could go as high as around $29k this week."
Meanwhile, traders are betting that the worst of an intense market contagion caused by liquidity issues at some large crypto firms has likelyDigital currencies have been under immense selling pressure in the past couple of months, as the collapse of some notable ventures caused ripple effects in the market. Terra, a so-called algorithmic stablecoin,
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