Bitcoin price approaches $70,000 in Q2, becoming the focus of attention

Bitcoin

$70,222 USD

After the close of trading on March 29, the price of Bitcoin returned to $70,000 as traders counted down the final hours of the first quarter.

Fed's Powell reinforces 'cautious' stance on rate cuts

Data from Markets Pro and TradingView show that the all-time high of $69,000 formed temporary support for BTC prices over the weekend.

Bitcoin gained around $1,000 in the latter part of the day, seemingly helped by comments from Federal Reserve Chairman Jerome Powell.

Powell, in an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, California, expressed calm about both inflation and the economic outlook.

He stressed that the Fed is in no rush to cut interest rates - a key event for risk assets.

“The economy is growing strongly, the labor market is strong and inflation has been declining,” he said.

“We can and we will be careful about this decision — because we can.”

Currently, the market is most optimistic about the first rate cut in June. According to data from the CME FedWatch tool, there is a 61% probability that the Federal Open Market Committee (FOMC) will cut interest rates by 0.25% at the meeting that month.

On March 29, during the Wall Street holiday, the latest personal consumption expenditures (PCE) index - well known to the Federal Reserve as the preferred inflation indicator - was in line with expectations at 2.5%.

Bitcoin price analysis reveals key levels

Considering the hurdles ahead for Bitcoin price action, attention continues to focus on weekly, monthly, and quarterly candlestick closes.

For popular trader and analyst Rekt Capital, $69,000 is as important as ever — a close above $69,000 would mark Bitcoin’s highest closing price ever.

“Bitcoin will continue to seesaw and zigzag within this week’s range until the weekly candle closes,” he predicted on X (formerly Twitter).

“The weekly candle close above the all-time high of around $69,000 brings Bitcoin closer to a breakout. Meanwhile, everything else is consolidation.”

Others focused on positive on-chain signals, with trader and Kevin Svenson highlighting the Moving Average Convergence/Divergence (MACD) oscillator on the daily timeframe.

The chart uploaded to X describes the MACD as “in crossover up,” with such an event coinciding with BTC price breaking through all-time highs near $74,000.

This article does not contain investment advice or recommendations. Every investment and trading action involves risk and readers should do their own research when making a decision.