Bitcoin (BTC) held above $23,000 on Friday as traders awaited next week’s Federal Open Market Committee decision on interest rates and any hints policymakers may drop about when their hiking campaign might end.

The largest cryptocurrency by market capitalization recently changed hands at around $23,100, up 0.1% for the day.

It’s been a roaring start to 2023 for bitcoin, which has surged in price by more than 40% since New Year’s Eve. BTC surpassed $23,000 for the first time since mid-2022 about a week ago and has managed to stay in that territory.

“Bitcoin should still consolidate leading up to the Federal Open Market Committee (FOMC) decision, with risks to the downside if the Fed sticks to its hawkish mantra,” Edward Moya, senior market analyst at foreign exchange Oanda, wrote in a Friday note about the Federal Reserve's rate-setting unit.