Bitcoin (BTC) saw a surge in price, reaching $70,000 after the daily close on March 29. This marked the end of a strong first quarter for the cryptocurrency. The price was supported by previous all-time highs at $69,000, and it continued to gain momentum throughout the day. The comments made by Jerome Powell, Chair of the United States Federal Reserve, further aided Bitcoin’s rise. Powell emphasized the Fed’s cautious approach to interest rate cuts, citing strong growth, a robust labor market, and decreasing inflation as reasons for careful consideration. Market predictions indicate a potential rate cut in June.
March 29 also saw the release of the Personal Consumption Expenditures (PCE) Index, which is the Fed’s preferred measure of inflation. The index met expectations at 2.5%, further contributing to Bitcoin’s positive momentum. Traders and analysts are now closely watching the weekly, monthly, and quarterly candle closes to assess Bitcoin’s future price action. Rekt Capital, a popular trader, highlighted the significance of a close above $69,000, as it would mark Bitcoin’s highest-ever weekly close. This would bring Bitcoin closer to a potential breakout. Other traders are also optimistic, with Kevin Svenson pointing to positive on-chain signals and the potential for a cross-up in the moving average convergence/divergence (MACD) oscillator.
Bitcoin’s price performance in the first quarter and the comments from Jerome Powell have driven positive sentiment in the market. Traders are closely monitoring key levels and indicators to assess the likelihood of a breakout beyond all-time highs near $74,000. While there may be some consolidation and volatility in the short term, the optimism surrounding Bitcoin’s price trajectory remains.
Seriously? Another surge in Bitcoin’s price? It’s just a matter of time before it crashes again.
These are exciting times to be a Bitcoin investor!
Crossing fingers for a breakout beyond $74,000!