Bitcoin’s price surged towards $70,000 following the close of trading on March 29, marking the end of a strong Q1 performance. Analysts emphasize the importance of Bitcoin maintaining its price above $69,000 as it approaches key candle closes this weekend.
Bitcoin Finds Support Amidst Old All-Time Highs
Data from Cointelegraph Markets Pro and TradingView indicates that previous all-time highs around $69,000 are acting as a tentative support level for Bitcoin. The cryptocurrency experienced a $1,000 gain towards the end of the day, possibly influenced by remarks from Jerome Powell, Chair of the Federal Reserve, who expressed caution regarding interest rate cuts amidst a strong economy.
Powell’s comments at the Macroeconomics and Monetary Policy Conference suggested a careful approach towards economic policies, including interest rate adjustments. This sentiment resonated with investors, reinforcing the notion that the Fed is not rushing to implement rate cuts, which are significant for risk assets like Bitcoin.
Market indicators suggest that June is the favored timeframe for a potential rate cut, with a 61% probability of a 0.25% reduction at that month’s Federal Open Market Committee meeting. Additionally, the latest data on the Personal Consumption Expenditures Index met expectations at 2.5%, indicating stability in inflation levels.
Traders and analysts are closely monitoring Bitcoin’s price action, particularly as it approaches weekly, monthly, and quarterly candle closes. Rekt Capital underscores the significance of Bitcoin closing above $69,000, which would mark its highest-ever such close, potentially signaling a breakout. Others are observing positive on-chain signals, such as the MACD oscillator, which suggests a potential price breakout beyond all-time highs near $74,000.
As Bitcoin continues to navigate key price levels and market sentiment, attention remains on its performance heading into the second quarter.
