Bitcoin has blasted above $44,500 at the Wall Street open on February 15 with traders pushing overnight enthusiasm.

According to data from Cointelegraph Markets Pro and TradingView Bitcoin was tracked at local highs of $44,543 on Bitstamp.

The largest cryptocurrency by market capitalization surged 6% on the day. Another report by Cointelegraph said events in Canada pushed the cryptocurrency higher while news about the Russian-Ukrainian conflict didn’t have any impact on the crypto market.

On the other hand, the S&P 500 was up 1.4% during the first hour of trading.

"Bitcoin has broken out from its downtrending channel and reclaimed the 4HR range it had lost only a few days ago," a hopeful Rekt Capital summarized in a fresh Twitter update on the day.

He added that on longer timeframes, Bitcoin was attempting to crack the 50-week moving average to flip to support.

"Turn it into support and this would confirm bullish bias for BTC," he wrote.

Not everyone was as confident, with popular trading account Johnny demanding a flip of the yearly open above $46,000 to avoid waiting to "buy back lower" than current levels.

Turning to on-chain data, the picture nonetheless called for "cautious optimism" based on buying behavior, despite macro risks.

According to Twitter analytics account Econometrics, investors both big and small making Bitcoin allocations countered potential pressure on Bitcoin from falling stocks in the event of a rate hike from the United States Federal Reserve.

"The whales are buying. The small fish are buying. That's all good for Bitcoin," it wrote.

Analysts highlighted "exceptionally high" stocks correlation under current circumstances.

"That means anything that could crush the SP500 is also a big risk for BTC," it added.