Bitcoin has surged to a value of $70,000 after the daily close on March 29, attracting significant attention in the cryptocurrency market as the first quarter concludes on a bullish note.

Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin is currently testing the previous all-time highs around $69,000 as potential support levels, indicating a positive trend heading into the weekend.

The price of Bitcoin rose by $1,000 later in the day, partially due to comments made by Jerome Powell, the Chair of the U.S. Federal Reserve, during an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, California.

Powell's comments regarding inflation and the economic forecast were cautious, suggesting a deliberate approach to policy adjustments, particularly concerning interest rate cuts that are crucial for risk assets.

Speculation in the market points towards a potential interest rate reduction in June, with expectations of a 0.25% cut during the Federal Open Market Committee (FOMC) meeting based on probabilities from CME Group's FedWatch Tool.

Although March 29 was not a trading day on Wall Street, the release of the Personal Consumption Expenditures (PCE) Index aligned with expectations at 2.5%, maintaining a stable inflation outlook.

As Bitcoin faces potential barriers in price action, attention is on the upcoming weekly, monthly, and quarterly candle closes.

Cryptocurrency trader Rekt Capital emphasized the importance of the $69,000 level, suggesting that a weekly close above this threshold could set a new record for Bitcoin's closing price.

Another trader, Kevin Svenson, highlighted positive on-chain indicators, such as the moving average convergence/divergence (MACD) oscillator on daily charts, indicating a potential breakout for Bitcoin beyond the previous all-time highs near $74,000.

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