As Bitcoin BTC 1.54% heads, into the quarter of the year its edging closer to the $70,000 mark drawing attention from investors and traders who’re eager to see if it can surpass its previous peak. People are especially interested in how the Federal Reserves stance on interest rates will impact the landscape.
Recently Jerome Powell, Chair of the US Federal Reserve spoke at a conference in San Francisco about macroeconomics and monetary policy. In his speech Powell took a stance on conditions and inflation. He emphasized that the Fed is taking its time with decisions on interest rates due to growth and job market stability despite a decrease in inflation.
Powells comments seemed to boost Bitcoins value by around $1,000 by days end. Analysts also note that technical factors are at play with Bitcoins high of $69,000 now serving as a support level.
Traders are eagerly awaiting any changes, in interest rates by the Fed with many speculating on a rate cut happening in June.
According to the CME Groups FedWatch Tool there is a 61% chance of a 0.25% decrease, in interest rates at the Federal Open Market Committee meeting.
Moreover recent economic signals, like the Personal Consumption Expenditures (PCE) Index. The Federal Reserves favored inflation gauge have matched predictions at 2.5%. This alignment happened despite Wall Street being closed for a holiday on March 29.
Bitcoins price movement is being closely watched as it nears points for its monthly and quarterly candle closures. Analysts are especially interested in whether Bitcoin can end above the $69,000 level marking its closing price ever.
Market experts are also examining on chain metrics such as the moving convergence/divergence (MACD) oscillator, which is hinting at an upward crossover. This technical indication might signal a breakout for Bitcoin potentially propelling its value beyond record highs near $74,000.
As these events unfold in the market landscape Bitcoins performance mirrors the complex interplay, between factors and technical signals. Investors are eagerly anticipating how these elements will influence the cryptocurrencys movements.