After receiving positive signals from the United States Federal Reserve, Bitcoin (BTC) experienced a 2% increase on April 4. During the Wall Street opening, the price of Bitcoin hit a high of $67,51 on Bitstamp. This increase coincided with a rise in U.S. stock indices, while the price of gold dropped after reaching new all-time highs above $2,300.

Chairman Jerome Powell hinted at a potential interest rate cut before the end of 2024 during a speech at the Stanford Business, Government, and Society Forum. Powell mentioned that the policy rate, which has remained the same since July, may have peaked in this tightening cycle.

Analysis of Bitcoin's Market Structure

A popular trader noted that the 200-period exponential moving average (EMA) on 4-hour timeframes was providing support for Bitcoin's current market structure. Additionally, another trader expressed optimism about Bitcoin's future based on promising signals found on the daily chart. The relative strength index (RSI) for Bitcoin crossed back above the key 50 point at the daily close, indicating a potential upward movement in a strong bullish trend.

According to the latest data from CME Group's FedWatch Tool, there is a 61% chance of a minimal 0.25% rate cut either at the next Federal Open Market Committee (FOMC) meeting in May or the subsequent one in June. Furthermore, the most recent initial U.S. jobless claims were slightly higher than expected at 221,000 versus the anticipated 214,000, which further supported the upward movement in the market.