Bitcoin’s value nears $70K as all-time highs become a central focus in Q2.

Bitcoin (BTC) surged back to $70,000 following the daily close on March 29, as traders eagerly anticipated the end of a successful first quarter. Technical analysis showed that previous all-time highs at $69,000 were providing tentative support for BTC’s price over the weekend. The cryptocurrency gained around $1,000 later in the day, possibly due to comments made by Jerome Powell, the Chair of the United States Federal Reserve. Powell, speaking at a conference in San Francisco, emphasized a cautious stance on both inflation and the economic outlook. He stated that the Fed was not rushing to implement interest rate cuts, a significant event for risk assets. Market data indicates that June is currently the favored month for the first rate cut, with a 61% probability of a 0.25% reduction at that time. Meanwhile, Bitcoin’s price action is being closely observed as attention turns to the weekly, monthly, and quarterly candle closes. Rekt Capital, a prominent trader and analyst, highlighted the significance of a close above $69,000, which would mark Bitcoin’s highest-ever closing price. Other traders noted positive on-chain signals, with the moving average convergence/divergence (MACD) oscillator on daily timeframes indicating a potential breakout above all-time highs near $74,000. It is important to note that this article does not provide investment advice, and readers are advised to conduct their own research before making any investment or trading decisions.