Bitcoin has shown remarkable resilience and bullish behavior, with its value escalating to $45,435, a notable 5.3% increase within a single day and an overall 6.3% rise across the week, as evidenced by CoinMarketCap’s latest data.

The recent surge in Bitcoin’s price is accompanied by a substantial swell in trading volume, particularly in spot Bitcoin ETFs, which have seen over $1 billion in trades, spearheaded by industry giants BlackRock and Fidelity, reports Bloomberg’s James Seyffart.

Alex Kuptsikevich, a senior analyst at FxPro, has weighed in, noting Bitcoin’s ascent above its 50-day moving average—a positive sign of the currency’s medium-term trend. Kuptsikevich also points to the significance of weekly closes as indicators of market sentiment, suggesting that the crypto market’s consolidation period may have set the stage for future peaks.

The market’s vigor is partly attributed to anticipations of the Federal Reserve’s interest rate decisions. Insights from Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester hint at the possibility of rate reductions in the latter part of the year, injecting further volatility and allure into cryptocurrency investments like Bitcoin.