July 20, 2024

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With All-Time Highs a Major Priority, the Price of Bitcoin is Trending Toward $70K in Q2

2 min read

Analysis indicates that Bitcoin needs to hold $69,000 through the weekend’s several BTC price candle closes.

After the daily close on March 29, BTC went back to $70,000 as traders counted down to a record-breaking Q1.

Powell, the Fed, reiterates his “careful” stance on rate decreases.

A preliminary BTC price support was formed into the weekend by historical all-time highs at $69,000, according to data from TradingView and Cointelegraph Markets Pro.

Around $1,000 was added to Bitcoin in the later hours of the day, presumably as a result of remarks made by US Federal Reserve Chair Jerome Powell.

At the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell gave a measured speech about inflation and the future of the economy.

He emphasized that the Fed was not in a rush to lower interest rates, which is a crucial development for risky assets.

“We have robust growth, a robust labor market, and declining inflation at this time,” he stated. Because we are capable of being cautious, that is what we shall do.

According to statistics from CME Group’s FedWatch Tool, June is presently the most likely month for the first such cut to occur, with 61% odds of a 0.25% reduction at the Federal Open Market Committee, or FOMC, meeting that month.

The Personal Consumption Expenditures (PCE) Index, which is the Fed’s favored inflation indicator, released its most recent print on March 29, which coincided with a Wall Street holiday, and met forecasts at 2.5%.

Analysis of the BTC price shows important levels

The weekly, monthly, and quarterly candle closure continue to be of interest when one considers the obstacles facing the price action of bitcoin going forward.
Rekt Capital, a well-known trader and analyst, saw $69,000 as crucial as ever since a closing over it would be the highest close for Bitcoin ever.

He made the following prediction on X (previously Twitter): “BTC is going to continue whip-sawing and zig-zagging within this Weekly Range until the Weekly Candle Close.”

Bitcoin is getting closer to a breakout as a weekly candle closes above the previous all-time highs of almost $69,000. Consolidation is the other option in the interim.

Some traders observed encouraging on-chain signs. Kevin Svenson and another trader pointed out the moving average convergence/divergence (MACD) oscillator on daily timeframes.

According to a graphic posted on X, MACD is “positioned for a cross-up,” which would coincide with a possible breakout in the price of bitcoin above its all-time highs, which are now at $74,000.

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