After the daily close on March 29, Botcoire returned to $70,000 as traders counted down to a thrilling Q1.
A preliminary BTC price support was formed into the weekend by historical all-time highs at $69,000, according to data from TradingView and Cointelegraph Markets Pro.Around $1,000 was added to Bitcoin in the later hours of the day, presumably as a result of remarks made by US Federal Reserve Chair Jerome Powell.At the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell gave a measured speech about inflation and the future of the economy.
He emphasized that the Fed was not in a rush to lower interest rates, which is a crucial development for risky assets.
“Growth is strong right now, the labor market is strong right now and inflation has been coming down,” he said.
“We can and we will be careful about this decision — because we can be.”
According to statistics from CME Group’s FedWatch Tool, June is presently the most likely month for the first such cut to occur, with 61% odds of a 0.25% reduction at the Federal Open Market Committee, or FOMC, meeting that month.The Personal Consumption Expenditures (PCE) Index, which is the Fed’s favored inflation indicator, released its most recent print on March 29, which coincided with a Wall Street holiday, and met forecasts at 2.5%.
Considering the hurdles for BTC price action next, attention continues to focus on the weekly, monthly and quarterly candle close.
Rekt Capital, a well-known trader and analyst, saw $69,000 as crucial as ever since a closing over it would be the highest close for Bitcoin ever.He made the following prediction on X (previously Twitter): “BTC is going to continue whip-sawing and zig-zagging within this Weekly Range until the Weekly Candle Close.”
“Weekly Candle Close above old All Time Highs of ~$69,000 gets Bitcoin closer to a breakout. Anything else in the meantime is consolidation.”
Some traders observed encouraging on-chain signs. Kevin Svenson and another trader pointed out the moving average convergence/divergence (MACD) oscillator on daily timeframes.According to a graphic posted on X, MACD is “positioned for a cross-up,” which would coincide with a possible breakout in the price of bitcoin above its all-time highs, which are now at $74,000.