Bitcoin's price surged to $70,000 after the March 29 daily close, marking the end of a strong Q1 for traders. The cryptocurrency saw support around $69,000 heading into the weekend, signaling potential price stability. Federal Reserve Chair Jerome Powell's cautious remarks on inflation and the economy seemed to boost Bitcoin by about $1,000 towards the end of the day.

Powell emphasized a careful approach to interest rate cuts, highlighting the strong current growth, labor market, and decreasing inflation. The chances of a 0.25% rate reduction at the FOMC meeting in June stand at 61%, according to data from CME Group's FedWatch Tool. Market players are closely watching for the quarterly candle close to assess Bitcoin's future price action.

Popular trader Rekt Capital noted the significance of a close above $69,000 for Bitcoin, which would mark an all-time high. Other analysts, like Kevin Svenson, have pointed out positive on-chain signals, such as the MACD oscillator potentially indicating a price breakout beyond $74,000. It's important to note that this article is not offering investment advice, and readers are encouraged to conduct their own research before making decisions.