The price of bitcoin is up roughly 50 per cent since the start of the year, despite the US government signalling a tougher regulatory stance on cryptocurrency.
I don't think regulation of the US government have a major significance to the price of bitcoin at least with the current price surge, we can attest to that already. What pushes the market is sentiment. This is what different people feel and expect so they either rush in or go out of the market and that lead to a movement of price.
Bitcoin briefly hit $25,000 this week, having started 2023 below $16,600, taking it back to levels not seen since last August. Other cryptocurrencies have also seen a significant surge in recent days, adding more than $100 billion to the overall market. Does it mean that bitcoin price will not go up more than this again?