The price of Bitcoin has risen around 4.9% on Friday to hit the $25,610 mark in early Asian trading, whilst Ether has also edged up around 3%.

The moves came amid forecasts the US Federal Reserve will likely slash interest rates later in the year to bolster the banking sector. 

The price of the world's largest cryptocurrency has surged almost 55% so far in 2023 and is close to its highest point since June last year, Bloomberg reports. Nevertheless, it is a long way off the record high of $69,000 reached in November 2021. 

"Any sign of interest-rate cuts should push funds to riskier assets, which is likely to be enough to bring more institutional funds into the crypto market, regardless of whether macro traders understand or believe in the longer-term Bitcoin investment thesis," said Noelle Acheson, author of the 'Crypto Is Macro Now' newsletter, according to the report.

Bitcoin's latest price hike has altered the focus to the next technical hurdle above $28,000, CoinDesk reports. 

"Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000," according to Markus Thielen, head of research and strategy at Matrixport. "Within larger price swings, Bitcoin has rallied, reacted and retested from $4,000 point increments – $16k, $20k, and $24k - from which the current breakout is now targeting $28K," he went on to add. 

In addition, Wall Street's tech-heavy Nasdaq index increased 2.6% on Thursday, indicating a bullish pattern on the daily chart, according to the chartered market technician Aksel Chibar. Bitcoin typically moves in tandem with rate-sensitive tech stocks. 

At the time of writing, the price of Bitcoin stood at $26,084.