With the weekend rally, Bitcoin erased its 2022 losses.

While the rally seen in the last two weeks in Bitcoin led to the breaking of the critical level of 45 thousand dollars, Bitcoin tested $47,583 due to the rapid rally. Thus, it has exceeded the 35-45 thousand band seen since the beginning of January.

Bitcoin’s return since the beginning of the year has exceeded 1 percent. In the same period, the S&P 500 index in the USA lost 4.7 percent.

Experts pointed out that if Bitcoin stays at these levels, it can gain more momentum.

US President Joe Biden’s instruction to government agencies to focus more on cryptocurrencies was perceived by some investors as a good sign for digital assets. At the same time, some strategists thought that this would put downward pressure on Bitcoin. Experts emphasized that this move is a negative step for Bitcoin.