The increase in Bitcoin's value was linked to Federal Reserve Chair Jerome Powell's cautious statements about rate cuts. Powell indicated that the Federal Reserve was not in a hurry to adjust interest rates, highlighting the strength of the current growth and labor market, with inflation showing a downward trend.

Market predictions indicate a 61% chance of a 0.25% reduction in June, which would be the first cut during the month's Federal Open Market Committee meeting. The PCE Index also met expectations by reaching 2.5% on March 29.

Analysts are closely watching Bitcoin's price trends on a weekly, monthly, and quarterly basis. Traders like Rekt Capital believe that a weekly close above $69,000 could lead to a breakout, while others like Kevin Svenson are observing positive on-chain signals like the MACD oscillator pointing towards a potential price surge beyond $74,000.