Candle

Bitcoin

Kevin

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) returned to $70,000 after the March 29 daily close as traders counted down the final hours of a roaring Q1.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/dcc0ac2e-1b63-4e1d-bfef-a65be66f2e96.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="fed-s-powell-reinforces-careful-position-on-rate-cuts">Fed's Powell reinforces "careful” position on rate cuts</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed old all-time highs at $69,000 forming tentative BTC price support into the weekend.
Bitcoin gained around $1,000 in the latter part of the day, seemingly aided by comments from Jerome Powell, Chair of the United States Federal Reserve.
Speaking in an <a href="https://www.youtube.com/watch?v=8N2wKUHaB28" target="_blank" rel="noopener nofollow">interview</a> at the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell appeared cool on both inflation and the economic outlook.
The Fed, he stressed, was not in a hurry to enact Interest rate cuts — a key event for risk assets. 
“Growth is strong right now, the labor market is strong right now and inflation has been coming down,” he said.
<blockquote data-ct-non-breakable="true">
 “We can and we will be careful about this decision — because we can be.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/f99e21de-bf49-452e-b492-e80ea500b46a.png" alt="" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
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June is currently the markets’ favored bet for the first such cut to take place, with 61% odds of a 0.25% reduction at that month’s meeting of the Federal Open Market Committee, or FOMC, per data from CME Group’s <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">FedWatch Tool</a>.
March 29, while a Wall Street holiday, also saw the latest print of the Personal Consumption Expenditures (<a href="https://www.bea.gov/data/personal-consumption-expenditures-price-index" target="_blank" rel="noopener nofollow">PCE</a>) Index — known to be the Fed’s preferred inflation gauge — match expectations at 2.5%.
<h2 data-ct-non-breakable="true" id="btc-price-analysis-reveals-key-levels">BTC price analysis reveals key levels</h2>
Considering the hurdles for BTC price action next, attention continues to focus on the weekly, monthly and quarterly candle close.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-exhaustion-q1-btc-price-gains-near-70">Bitcoin shows ‘signs of exhaustion’ as Q1 BTC price gains near 70%</a>
For popular trader and analyst Rekt Capital, $69,000 was as significant as ever — a close above would mark Bitcoin’s highest-ever such close.
“BTC is going to continue whip-sawing and zig-zagging within this Weekly Range until the Weekly Candle Close,” he predicted on X.
<blockquote>
 “Weekly Candle Close above old All Time Highs of ~$69,000 gets Bitcoin closer to a breakout. Anything else in the meantime is consolidation.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/3ceb2782-3212-445d-be8c-3295b6fcf90a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: <a href="https://twitter.com/rektcapital/status/1773742986959994901" target="_blank" rel="noopener nofollow">Rekt Capital</a>
 </figcaption>
</figure>
Others eyed positive on-chain signals, with fellow trader Kevin Svenson highlighting the moving average convergence/divergence (MACD) oscillator on daily timeframes.
A chart uploaded to X described MACD as “positioned for a cross-up,” with such an event coinciding with a potential BTC price breakout beyond all-time highs near $74,000.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/dc34e8ac-9ca2-48dc-8f19-5ff132c78040.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with MACD data. Source: <a href="https://twitter.com/KevinSvenson_/status/1773543810858910033/photo/1" target="_blank" rel="noopener nofollow">Kevin Svenson</a>
 </figcaption>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price edges toward Q2 at $70K with all-time highs a key focus

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Cointelegraph

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