Bitcoin’s price approaches $70K as all-time highs become a primary focus for Q2.

Bitcoin (BTC) surged back to $70,000 following the close of March 29, signaling a strong end to the first quarter. The cryptocurrency’s price found support at the previous all-time high of $69,000, according to data from Cointelegraph Markets Pro and TradingView. The rally was likely influenced by comments made by Jerome Powell, Chair of the United States Federal Reserve, during an interview at the Macroeconomics and Monetary Policy Conference in San Francisco. Powell emphasized that the Fed was not rushing to cut interest rates, which is a significant event for risk assets. He noted that the current economic growth and labor market strength did not warrant immediate rate cuts. Market probabilities indicate that June is the most likely month for the first rate cut, with a 61% chance of a 0.25% reduction at the Federal Open Market Committee meeting. The latest print of the Personal Consumption Expenditures Index, which is the Fed’s preferred inflation measure, matched expectations at 2.5% on March 29. Traders are now closely watching the weekly, monthly, and quarterly candle closes for further BTC price movements. Key levels to consider include the highest-ever close above $69,000 and the potential breakout beyond all-time highs near $74,000. On-chain signals, such as the moving average convergence/divergence (MACD) oscillator, also indicate a potential price breakout. However, readers should note that this article does not provide investment advice, and they should conduct their own research before making any trading decisions.