Bitcoin‘s resurgence to a $70,000 valuation post the March 29 daily close has sparked considerable attention as the cryptocurrency market anticipates the conclusion of an exceptionally bullish first quarter.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin is now testing the previous all-time highs around $69,000 as potential support levels, moving into the weekend with a promising upward trajectory.
The latter part of the day saw Bitcoin appreciating by about $1,000, buoyed in part by remarks from Jerome Powell, the Chair of the U.S. Federal Reserve, during an interview at the Macroeconomics and Monetary Policy Conference held in San Francisco, California.
Powell’s demeanor towards inflation and the broader economic forecast was notably measured, indicating a deliberate approach to policy adjustments, particularly regarding interest rate cuts, which are pivotal for risk assets.
“Growth is strong right now, the labor market is strong right now and inflation has been coming down,” Powell commented, emphasizing a cautious stance on future decisions.
Market speculations currently favor a June timeline for an anticipated interest rate reduction, with predictions leaning towards a 0.25% cut during the Federal Open Market Committee (FOMC) meeting, based on probabilities from CME Group’s FedWatch Tool.
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Despite March 29 being a non-trading day on Wall Street, the release of the Personal Consumption Expenditures (PCE) Index, a preferred inflation measure by the Fed, aligned with expectations at 2.5%, maintaining a stable outlook on inflation.
As Bitcoin navigates through potential price action barriers, the spotlight remains on the upcoming weekly, monthly, and quarterly candle closes.
Notable cryptocurrency trader and analyst Rekt Capital underscored the importance of the $69,000 level, suggesting that a weekly close above this threshold could set a new record for Bitcoin’s closing price.
“BTC is going to continue whip-sawing and zig-zagging within this Weekly Range until the Weekly Candle Close,” Rekt Capital shared on X (formerly Twitter), highlighting the significance of consolidation outside of these movements.
In addition, Kevin Svenson, another prominent trader, pointed to optimistic on-chain indicators, notably the moving average convergence/divergence (MACD) oscillator on daily charts, which is reportedly primed for an upward cross.
Svenson’s analysis on X suggests that such a development could herald a significant breakout for Bitcoin, potentially surpassing the all-time highs near $74,000, indicating a bullish outlook for the cryptocurrency’s future trajectory.
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