Bitcoin approaches $70,000 in second quarter, historical highs in focus

Author: Block unicorn

Bitcoin

$70,222 USD

< p style="text-align: left;">After the close on March 29, Bitcoin prices returned to $70,000 as traders counted down the final hours of the first quarter.

Fed Powell strengthens "cautious" stance on interest rate cuts

Data from Markets Pro and TradingView showed that the all-time high was $69,000 over the weekend. The BTC price formed temporary support.

Bitcoin gained about $1,000 in the second half of the day, seemingly helped by comments from Federal Reserve Chairman Jerome Powell.

In an interview at the Macroeconomic and Monetary Policy Conference in San Francisco, California, Powell said he sounded calm about both inflation and the economic outlook.

He stressed that the Fed was 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 falling," he said.

"We can and we will be cautious about this decision - because we can."

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

On March 29, just in time for the Wall Street holiday, the latest personal consumption expenditures ( PCE ) index - widely known as the Fed's preferred inflation gauge - was in line with expectations at 2.5%.

Bitcoin Price Analysis Reveals Key Levels

Attention continues to focus on weekly, monthly and quarterly candlestick closes considering the obstacles to Bitcoin price action ahead superior.

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

He predicted on "The weekly candle close above the all-time high of around $69,000 brings Bitcoin closer to a breakout. In the meantime, everything else is consolidation."