In a rebound of more than 5% on Wednesday, BTC jumped above the market cap of $970 billion for the first time this week.
While the recent rally was not so significant, it gave the digital asset enough support to remain above $40,000.
After touching a high of almost $41,500 on Wednesday, BTC pulled back and dipped below $40,000 for a brief period.
However, Bitcoin increased gradually during the past 12 hours and is now trading near $40,800. In addition, BTC’s dominance stayed above 41% during the recent volatility.
“Bitcoin is currently seeing some buy pressure. We could see some short-term relief in the market over the coming days/weeks as protective positions unwind after today’s highly anticipated rate hike. However, I think Bitcoin and the crypto space are unlikely to gain significant traction in 2022.
While the recent rally was not so significant, it gave the digital asset enough support to remain above $40,000.
After touching a high of almost $41,500 on Wednesday, BTC pulled back and dipped below $40,000 for a brief period.
However, Bitcoin increased gradually during the past 12 hours and is now trading near $40,800. In addition, BTC’s dominance stayed above 41% during the recent volatility.
“Bitcoin is currently seeing some buy pressure. We could see some short-term relief in the market over the coming days/weeks as protective positions unwind after today’s highly anticipated rate hike. However, I think Bitcoin and the crypto space are unlikely to gain significant traction in 2022.