Kicking off a new week, month, and quarter in 2024, Bitcoin (BTC) has hit multiple new milestones — but can the bullish trend push forward?
On March 31, BTC marked a historic moment with the highest closing price ever seen as Q1 of 2024 concluded.
Although facing resistance from previous levels, the battle between buyers and sellers is keeping the old peak from 2021 in play.
As a result, discovering the next price level remains tricky, with Bitcoin needing a surge to $74,000 to overcome the majority of recent seller activity.
The scene is now set for potentially turbulent movements as Q2 begins.
Further fueling the scenario is the impact of macroeconomic indicators, with US nonfarm payrolls releasing towards the week’s end.
Prior to this, Federal Reserve Chair Jerome Powell is expected to provide fresh insights. The prior week saw a positive response from Bitcoin after Powell hinted at potential interest rate decreases in 2024.
While Bitcoin maintains an upward trajectory, long-time hodlers are increasingly taking profits, contrasting the inflow of institutional funds from spot exchange-traded funds (ETFs).
Cointelegraph highlights these themes and more in a weekly recap of what could influence BTC’s price trends ahead.
BTC achieves unprecedented weekly, monthly, quarterly close
In essence, Bitcoin delivered strong results for bulls at the end of Q1.
Closing just under $70,300 on March 31, Bitcoin set new all-time highs for its weekly, monthly, and quarterly closes.
Following this achievement, a slight pullback occurred, with data from Cointelegraph Markets Pro and TradingView showing lows of $68,900 shortly after.
BTC/USD 1-hour chart. Source: TradingView
On shorter timeframes, BTC/USD remains within a familiar range from the previous month. $69,000, its former peak from 2021, remains a key focus for the market.
Trader Skew urges caution until clearer signals emerge.
“I will be observant before making any moves,” as stated in a recent post on X. “Currently, the 4-hour trend remains intact, and I will be watching for steady spot purchases & perpetual bids for momentum.”
Skew also emphasized the importance of the first Wall Street opening after highlighting the return of ETF inflows.
He confirmed, “The key high-timeframe level is $69K,” discussing longer timeframes alongside a visual representation.
BTC/USD chart with support levels. Source: Skew/X
Renowned trader and analyst Rekt Capital showed optimism regarding the latest candle closes.
According to him, Bitcoin might soon test its range top to confirm it as a durable support level before advancing further.
He announced to followers on April 1, “Bitcoin is in the process of breaking out. The first step is a weekly close above the Range High. If Bitcoin retraces to the RH to validate it as new support before moving upwards, that will be the second step to confirming the breakout.”
BTC/USD 1-week chart. Source: Rekt Capital/X
For Michaël van de Poppe, CEO of trading firm MNTrading, the short-term trend centers around two clear levels: $67,000 and $71,700.
He predicted, “The direction will likely be determined by these levels. I anticipate one final test of the all-time high before the pending halving event.”
BTC/USD annotated chart. Source: Michaël van de Poppe/X
Powell, job data in spotlight for US economic agenda
An upcoming highlight in the US economic calendar is the presence of Fed Chair Powell.
On April 3, Powell is expected to provide prepared remarks, accompanied by other senior Fed officials throughout the week.
Risk assets remain confident in the long-term economic outlook, with expectations high for interest rate cuts as 2024 progresses.
Last week, Powell highlighted that recent inflation reports should not dictate an overly aggressive stance on the economy and underlined the Fed’s intention for a more balanced approach to timing rate cuts.
This week’s focus is on the nonfarm payrolls release on April 5, an event that previously triggered BTC price fluctuations.
“US job data due this Friday. Similar to previous US economic indicators/FOMC… there may be an opportunity for bargain tokens,” mentioned financial commentator Tedtalksmacro in an X post.
“Currently, markets align with the Fed’s projection of 3 rate cuts by year-end. Employment data, like inflation reports, will significantly impact markets with any notable deviation.”
Tedtalksmacro elaborated that weak job figures could increase the likelihood of early rate cuts and boost risk asset performance.
“The focus is on job data with the start of the second quarter,” echoed the trading resource The Kobeissi Letter in their weekly assessment.
Source: The Kobeissi Letter
Bitcoin veterans shifting to selling mode
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