Main Reason Why Bitcoin (BTC) Just Recovered $24,000 – Crypto News Today

Bitcointhe largest cryptocurrency, managed to touch the $24,000 pivot level again.

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

Bitcoin’s latest price rally coincided with a major US stock market rally. The tech-heavy Nasdaq 100 index, which is closely correlated to Bitcoin, is up almost 3%.

Shares of social giant Meta soared more than 20% despite the company posting a shortfall. However, cost cuts and the company’s $40 billion buyout managed to overshadow the disappointing report.

As reported by U.Today, the biggest cryptocurrency saw little volatility after the Federal Reserve raised the benchmark interest rate by a quarter of a percentage point, which was in line with market expectations.

However, Fed Chairman Jerome Powell has signaled that the central bank will continue to raise interest rates to keep inflation under control, meaning a coveted dovish pivot isn’t happening anytime soon.

Bitbank’s Yuya Hasegawa told CNBC that Bitcoin’s current rally appears to be in a precarious position as the bulls struggle to print a daily close above the $24,000 level.

Therefore, it may seem like the biggest cryptocurrency is already losing momentum after posting stellar gains in January.

The biggest cryptocurrency is up over 40% this year, which is a significant turnaround after a string of losses in 2022.

That said, the biggest cryptocurrency is still down more than 65% from its all-time high.