Bitcoin Price Breaks Out to Highest in Almost 3 Weeks

Bitcoin's price is moving in line with major indices, but it's too early to say whether this is a sustained rally.

AccessTimeIconMar 22, 2022 at 5:59 p.m. UTC
Updated May 11, 2023 at 6:12 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin rose to a three-week high as cryptocurrencies moved with major stock market indices.

  • Bitcoin (BTC) rose to $42,673 as of press time, up 4.1% in the past 24 hours.
  • The price of the largest cryptocurrency by market value touched $43,337 earlier Tuesday, the highest point since March 3.
  • “Bitcoin's price is, broadly, moving in line with the major indices,” said Jason Deane, chief bitcoin analyst at Quantum Economics. “Crypto Twitter has been forecasting an upwards movement based on a combination of technical analysis and certain fundamentals, but it's too early to say whether this is a sustained rally.”
  • Bitcoin trading volume is around 30,000 BTC in the past 24 hours, a low point compared to the past month.
  • “As $BTC soars to $42,000, more than 15,000 BTC in outflows from exchanges were spotted yesterday,” IntoTheBlock Insights wrote in a comment, “the largest since Jan 29.”
  • Bitcoin outflows from exchanges are often seen by crypto analysts as a sign that traders aren’t looking for a quick sale – so they might be moving the coins into long-term custody or storage options. An elevated rate outflows is typically seen as bullish.
  • “The last time BTC experienced a large outflow,” IntoThe Block wrote, “it was followed by a significant rise in price.”
  • The bitcoin market took a hit briefly on Monday after Federal Reserve Chair Jerome Powell signaled in a speech that the U.S. central bank might raise the benchmark interest rate by half a percentage point at certain meetings over the rest of the year. He said that officials are ready to “slow the market” to bring down the inflation.
  • However, the market bounced back aggressively Tuesday despite the Fed’s hawkish attitude. Equity markets also went up. Nasdaq was up 1.7% and the S&P 500 was up 1%.
  • Before announcing a more aggressive Fed action, the Federal Open Market Committee (FOMC) announced a 0.25 percentage point rate hike last Wednesday.
  • Elsewhere in cryptocurrency markets, ether (ETH) was up 2.14% over the past 24 hours and solana (SOL) was up 4.35%.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Angelique Chen

Angelique is a market contributor at CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.