Bitcoin is on pace to post its best week since June, after a big rally earlier this week pushed it out of the narrow range it had been stuck in for much of this year.

The coin is on pace to end the week higher by 14% at the $33,000 level, according to Coin Metrics. At about $1,770, ether is heading for a 10% weekly gain. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. ET stock market close one Friday to the next.

Investors are watching closely to see if bitcoin can find a new floor at current levels. Next week it will get its first testing ground with the Federal Reserve Open Market Committee meeting, which will begin Tuesday. Callie Cox, an analyst at investment company eToro, noted that bitcoin tends to do better than stocks on Fed days, having outperformed the S&P 500 on 10 out of the last 13.

“Next week could be a real test for crypto,” she said. “Industry news is exciting, but I worry that investors are forgetting that we’re in an aggressively high rate environment. The Fed will probably reaffirm higher rates in its comments next week too. That could be a tough pill to swallow.”

“I wouldn’t be shocked if Powell entertains the idea of rate cuts,” she added. “Inflation has made a lot of progress, and lately, his language has been more balanced than usual. Powell could be tough, but any semblance of flexibility could entice people back into risky investments like crypto.

— Tanaya Ma