Bitcoin price closes to $70K in Q2
Bitcoin (BTC) has bounced back to $70,000 after closing on March 29 as traders count down the final hours of a tumultuous Q1.
Fed's Powell reinforces “cautious” position on rate cuts
Data from Cointelegraph Markets Pro and TradingView showed old all-time highs at $69,000, a temporary BTC price support over the weekend.
Bitcoin gained close to $1,000 by the end of the day, apparently helped by comments from US Federal Reserve Chairman Jerome Powell.
In an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell sounded bullish on both inflation and the economic outlook.
The Fed is in no rush to cut interest rates – a key event for risk assets.
“Currently, growth is strong, the labor market is now strong and inflation is falling,” he said.
We can and will be careful about this decision – because we can be.
June is currently the market's favorite bet for the first such cut, with a 0.25% cut at that month's Federal Open Market Committee, or FOMC, meeting, according to data from CME Group's FedWatch tool.
March 29, a Wall Street holiday, saw the latest personal consumption expenditures (PCE) index – known as the Fed's preferred measure of inflation – meet expectations of 2.5%.
BTC price analysis shows key levels
Given the barriers to BTC price action, attention will continue to focus on weekly, monthly and quarterly candle closes.
RELATED: Bitcoin Shows ‘Signs of Fatigue' as Q1 BTC Price Closes to 70%
For prominent trader and analyst Rect Capital, $69,000 was as significant as ever – closing above would mark Bitcoin's near-all-time high.
“BTC will continue to whip-saw and zigzag in this weekly range until the weekly candle closes,” predicted X (formerly Twitter).
“Weekly candle closes above the old high of ~$69,000 puts Bitcoin close to a breakout. In the meantime, the other thing is consolidation.”
Other positive signals on the chain were observed, with trader and Kevin Svensson highlighting the moving average convergence/divergence (MACD) oscillator on daily time frames.
The chart posted to X states that the MACD is “set to cross over,” with such an event coinciding with BTC's recent breakout near $74,000.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
