Bitcoin's $130B Market Cap Surge Defies Fed Rate Hikes

Bitcoin's market cap surged by $130 billion in just four days, despite recent rate hikes from the Federal Reserve and Bank of Japan. The price of BTC rose 9% over this period, with a single-day gain of 6%. Ethereum also saw significant gains, increasing by 11.5% over four days and 8.3% in one day.

The rapid price increase triggered 124,345 liquidations worth $650.14 million, with $577.16 million coming from short positions. This suggests that many traders were caught off guard by the sudden rally.

Looking at the technicals, BTC's price action on the four-hour chart shows it pressing against the upper Bollinger Band at $81295.9. The Relative Strength Index (RSI) is already overbought at 76.74, and the Moving Average Convergence Divergence (MACD) has confirmed a golden cross at 941.05.

This indicates that a measured pullback towards the EMA50 support at $77766.49 may be likely before the next leg higher in this price cycle.