2024-03-30 15:04:42

#BTC breaks $70K, new all time high coming?

Bitcoin rose above $70,000 on the last trading day of the first quarter of the year with strong buying pressure. By the end of the week, $69,000 acted as a temporary support level. With the statements of the Chairman of the US Federal Reserve, Jerome Powell, there was an increase of about $ 1,000.

Fed Chairman Powell's Attitude

Powell took a calm stance on inflation and the economic outlook, stating that they would not be in a hurry to cut interest rates. According to CME Group's FedWatch indicator, there is a 61% chance that the Federal Open Market Committee's upcoming meeting will result in a rate cut.

Bitcoin (BTC) Price Analysis

Focusing on the future of Bitcoin's price, analysts believe that price levels will be determined by weekly, monthly, and quarterly candle closes. According to Rekt Capital, a popular trader, a close above $69,000 could be a historic high for Bitcoin.

Rekt Capital says that if the weekly close is above $69,000, Bitcoin will approach a major breakout. Another analyst, Kevin Svenson, has an optimistic expectation based on on-chain data and technical indicators.

Svenson suggests that the MACD oscillator on the daily timeframes is positioned for an increase, which could lead to a record-breaking price level for Bitcoin to surpass $74,000.
#btc #eth #CryptoNews #Gate

BTC1,96%

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