In a rebound of more than 5% on Wednesday, BTC jumped above the market cap of $970 billion for the first time this week.

While the recent rally was not so significant, it gave the digital asset enough support to remain above $40,000.

After touching a high of almost $41,500 on Wednesday, BTC pulled back and dipped below $40,000 for a brief period.

However, Bitcoin increased gradually during the past 12 hours and is now trading near $40,800. In addition, BTC’s dominance stayed above 41% during the recent volatility .

“Bitcoin is currently seeing some buy pressure. We could see some short-term relief in the market over the coming days/weeks as protective positions unwind after today’s highly anticipated rate hike. However, I think Bitcoin and the crypto space are unlikely to gain significant traction in 2022.