WATCH: What Drove Bitcoin Price Up Today? We Explore the Pop

The price of Bitcoin jumped 5.1 percent on Wednesday to the highest price in three weeks, after the Federal Reserve said it would print money to expand the size of bank reserves - seen as a move by the U.S. central bank that could spark inflation.

Traders said optimism also was buoyed by speculation that the U.S. Securities and Exchange Commission might approve a new bitcoin-based exchange-traded fund and an announcement by UNICEF that it would accept donations of cryptocurrencies.

Joe DiPasquale, CEO of the cryptocurrency hedge-fund firm BitBull Capital in San Francisco, discusses the day's price jump and gives his views on the market outlook.

While the recent market fundamentals may have contributed to an increase in BTC's value, it remains to be seen whether or not that move will sustain throughout the remainder of the week as traders look to sell the news relating to the latest SEC decision.

Ricky Li, Co-Founder and Head of Americas at Altonomy - a trading desk and market maker for BTC and altcoin assets noted that BTC is likely trapped within a defined region until a firm close above a key resistance zone sets the stage for further growth for the remainder of 2019.

"We expect continued range-bound activity between $7500 and $9000, as sellers will place sell orders at the retest of $9000 resistance. Only once BTC breaks the $9000 resistance will it continue the uptrend."