After a pullback earlier in the week, Bitcoin’s (BTC) price has bounced back near $38,000 U.S. and is retesting its highest level in 18 months.
The price of Bitcoin has risen 4% in the last 24 hours to $37,350 U.S. and was trading as high as $37,900 U.S. overnight.
That marked Bitcoin’s highest level since cryptocurrencies entered a bear market in 2022. In December of last year, the price of Bitcoin bottomed right around $16,000 U.S.
Prior to the latest move higher, Bitcoin had fallen back to $35,000 U.S. this week as investors poured capital into stocks on evidence that inflation in America continues to decline.
However, the upward momentum in Bitcoin has quickly returned. The price of the largest cryptocurrency by market capitalization has been climbing higher on expectations that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF).
Investor sentiment towards riskier assets such as stocks and crypto also appears to be on the rise now that it looks as though the U.S. Federal Reserve may be done raising interest rates.
Ethereum, the second-largest crypto, is also moving higher, having gained 3% to reach $2,050 U.S. in the last 24 hours. Smaller digital tokens and altcoins are also seeing price gains.
Year-to-date, Bitcoin’s price has increased 124%.
