Bitcoin surpassed the $70,000 level after the daily close on March 29, driven by strong buying pressure from traders on the last trading day of the first quarter. The $69,000 level provided temporary support for BTC throughout the weekend, with significant announcements impacting its price on the last trading day of the week. Federal Reserve Chairman Jerome Powell's comments at the Macroeconomics and Monetary Policy Conference in San Francisco influenced a $1,000 increase in Bitcoin's price. Powell emphasized patience in making decisions about interest rate cuts, which have implications for risky assets.

Expectations for a 0.25% rate cut at the upcoming Federal Open Market Committee (FOMC) meeting have reached a 61% probability, with discussions about a potential rate cut in June gaining traction in the markets. In terms of BTC price analysis, attention is focused on weekly, monthly, and quarterly candlestick closings. Analysts like Rekt Capital highlight the $69,000 level as crucial, with a close above this level potentially leading to Bitcoin's highest close ever.

Positive on-chain data is also emphasized by analysts, with trader Kevin Svenson highlighting the Moving Average Convergence Divergence (MACD) oscillator on daily timeframes. Kevin noted the MACD is "positioned for a cross," suggesting a potential BTC price breakout beyond all-time high levels near $74,000.