Bitcoin rose above $70,000 on the last trading day of the first quarter of the year with strong buying pressure. Until the end of the week, $69,000 served as an interim support level. There was an increase of approximately $1,000 with the statements of American Federal Reserve Chairman Jerome Powell.

Fed Chairman Powell's Attitude

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

Bitcoin (BTC) Price Analysis

Analysts focusing on the future of Bitcoin price think that price levels will be determined by weekly, monthly and quarterly candle closings. Rekt Capital, a popular trader, states that a close above $69,000 could be a historical high for Bitcoin.

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

Svenson suggests that the MACD oscillator on daily time frames is positioned for an increase, which could see Bitcoin reach a record-breaking price level of over $74,000.

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