Bitcoin

Impact

Rekt

Reserve

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-breaks-past-70000-as-market-sentiment-shifts" rel="noopener noreferrer nofollow">Bitcoin Breaks Past $70,000 as Market Sentiment Shifts</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-miners-a-top-investment-as-cryptocurrency-targets-150000" rel="noopener noreferrer nofollow">Bitcoin</a> soared past the $70,000 mark on the last trading day of March, propelled by a wave of buying pressure. This milestone is particularly noteworthy as it marks the end of the first quarter of the year, with the <a href="https://en.bitcoinhaber.net/exploring-ais-impact-on-cryptocurrency-expert-takes-from-the-industry" rel="noopener noreferrer nofollow">cryptocurrency</a> hitting this price point after hovering around $69,000 over the preceding weekend.</p>
<h2 id="impact-of-federal-reserve-chair-s-remarks">Impact of Federal Reserve Chair’s Remarks</h2>
<p style="text-align: justify">Jerome Powell, the Chairman of the Federal Reserve, influenced the market with his recent comments, resulting in a near $1,000 increase in Bitcoin’s value. Speaking in California, Powell expressed a cautious yet optimistic view on inflation and economic conditions, indicating a reluctance to quickly reduce interest rates – a decision affecting volatile assets like cryptocurrencies.</p>
<p style="text-align: justify">Market expectations for a rate cut took shape as the FedWatch tool by CME Group showed a 61% probability of a 0.25% cut at the next FOMC meeting, with June being the anticipated time for potential rate adjustments.</p>
<h2 id="technical-considerations-and-analyst-insights">Technical Considerations and Analyst Insights</h2>
<p style="text-align: justify">Technical analysis by experts suggests that the $69,000 level is crucial for Bitcoin’s trajectory. A close above could set a new record closing price. Rekt Capital, a renowned trader and analyst, posits that Bitcoin will likely see continued fluctuation until a weekly close above $69,000, which would signal an impending breakout. Any other movement would be seen as mere consolidation.</p>
<p style="text-align: justify">Additionally, the positive sentiment is bolstered by encouraging on-chain data. Trader Kevin Svenson pointed to a promising trend indicated by the MACD oscillator, suggesting that a crossover event on this indicator might align with a push beyond Bitcoin’s all-time high near $74,000.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-breaks-past-70000-as-market-sentiment-shifts" rel="noopener noreferrer nofollow">Bitcoin Breaks Past $70,000 as Market Sentiment Shifts</a></h5>

Bitcoin Breaks Past $70,000 as Market Sentiment Shifts

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