In the early hours of Saturday, predictions were made that the weekend price of Bitcoin could rise to $70,000 from below $68,000. As anticipated, the price of Bitcoin increased to $69,652 and is maintaining buyers near the 24-hour high. This surge led to double-digit gains in some altcoins. The market is now curious about what will happen next.
Bitcoin (BTC)
Bitcoin, the leading cryptocurrency by market value, has indeed risen to $70,000 as predicted. This increase has also prompted altcoins to set new highs. Despite the lackluster data from Friday's spot Bitcoin ETF, which signaled ongoing demand recovery, the halting of Genesis's GBTC sales has added to the positive sentiment for the surge. However, market players are cautious about the upcoming inflation data for March due on Wednesday. Continued high inflation could delay interest rate cuts scheduled for the second half of the year.
On the other hand, a decline in inflation in March could boost expectations of interest rate cuts, potentially triggering another upward movement following Wednesday. This scenario could excite investors given the upcoming Fed meeting and the countdown to the halving.
Bitcoin and Crypto Predictions
Although trading volumes dropped by 30%, Bitcoin managed to retrace the previous week's levels. Ethereum's recovery above $3,400 is crucial for further movements towards $3,700 and $4,000. Binance Coin needs to close above $595 to maintain its positive momentum. Solana Coin has found support at $181 and with the positive market sentiment could push towards $205.
XRP Coin is facing resistance at $0.61, while Dogecoin (DOGE) has reclaimed $0.18 and might reach $0.23. Avalanche's price struggles to break the $50 barrier, while Bitcoin Cash (BCH) is nearing the $700 level during the ongoing bullish market despite the halving.
Regarding Bitcoin's price, the support at $64,500 is holding strong and a bounce from that level could propel it towards $70,000 and potentially $71,700. Further upside targets include $73,777, $76,000, and a possibility of a rally towards $80,000, particularly if the inflation data remains low.
This post was originally published on COINTURK NEWS: Bitcoin Reclaims $70,000: Market Reacts Positively
