Key Takeaways Bitcoin topped $63,000 a day after Federal Reserve cut rates by 50 basis points.Lower rates could benefit cryptocurrencies and other assets perceived as risky.MicroStrategy stock jumped a day after amid a proposed a $700 million debt offering in an effort to buy more bitcoin.

Up nearly 8% over the week, BTC/USD now faces a crucial area of resistance, which has kept the market pinned for months. “Massive level coming up here at $63k after a very strong reaction off the demand in the $57k area,” HornHairs summarized.

Its lowest intraday price in the past year was $26,011.47 on Sep. 25, 2023. Bitcoin is up 131% year over year. The original crypto had humble beginnings in January 2009. Today, it has a market cap of $1.

Bitcoin’s price climbed on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.