Reserve

Chair

Bitcoin

Kevin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) regained its $70,000 value following the closing of Q1 on March 29.</li>
 <li>Federal Reserve Chair Jerome Powell’s cautious stance on rate cuts seemingly bolstered Bitcoin’s value.</li>
</ul>
<p>Bitcoin (BTC) saw a resurgence to $70,000 after the end of Q1 on March 29.</p>
<p>The cryptocurrency seemed to find a temporary support level at the previous all-time high of $69,000 over the weekend.</p>
<h2 id="fed-chair-s-approach-aids-bitcoin">Fed Chair’s Approach Aids Bitcoin</h2>
<p>In the latter part of the day, Bitcoin saw an increase of around $1,000. This was seemingly due to remarks made by Jerome Powell, the Chair of the United States Federal Reserve.</p>
<p>During an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell expressed a cautious outlook on both inflation and the economic forecast.</p>
<p>Powell emphasized that the Federal Reserve was not in a rush to implement interest rate cuts, a crucial event for risk assets. He noted that the current growth and labor market were strong, and inflation was on a downward trend.</p>
<h2 id="market-predictions-and-btc-price-analysis">Market Predictions and BTC Price Analysis</h2>
<p>According to data from the CME Group’s FedWatch Tool, the market currently predicts a 61% chance of a 0.25% reduction in June. This would be the first such cut to occur at that month’s Federal Open Market Committee (FOMC) meeting.</p>
<p>The Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s preferred inflation measure, also met expectations at 2.5% on March 29.</p>
<p>As for the future of Bitcoin’s price, analysts are focusing on the weekly, monthly, and quarterly candle close. Notably, a trader known as Rekt Capital suggested that a weekly close above the old all-time high of $69,000 would push Bitcoin closer to a breakout.</p>
<p>Other traders are also observing positive on-chain signs. Kevin Svenson, for example, pointed out the moving average convergence/divergence (MACD) oscillator on daily timeframes, which appears to be “positioned for a cross-up.” This event could coincide with a potential Bitcoin price breakout beyond the all-time highs near $74,000.</p>

Bitcoin’s Value Hints at $70K Highs as Q2 Beckons: Read the Trend Forecast

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