Bitcoin rallies 8.1%, surpassing yearly moving average despite Fed rate hikes and bearish news.

Bitcoin rose 8.1% and moved above its yearly moving average, according to a report originally published by Pluang. The advance came despite Federal Reserve rate hikes and a backdrop described as bearish news, highlighting a period of resilience in the cryptocurrency market.

Bitcoin is the largest and most widely recognized cryptocurrency. Its price is often closely watched as a gauge of broader sentiment toward digital assets, though market conditions can change quickly and trading can be highly volatile.

A yearly moving average is a technical indicator that smooths price data over roughly a year to show a longer-term trend. Moving above that level is commonly monitored by traders and analysts as a potential sign of improving momentum, while it does not by itself determine where prices will move next.

The reported rally also underscores the attention investors place on monetary policy. Federal Reserve rate increases can affect borrowing costs, liquidity and appetite for risk-sensitive assets, including cryptocurrencies. Bitcoin’s move above its yearly moving average occurred even as those rate hikes and bearish developments remained part of the wider market backdrop.