Bitcoin Analysis: Retaining $69,000 crucial for weekend multiple candle closes

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30 Mar 2024

Bitcoin needs to retain $69,000 into the multiple BTC price candle closes this weekend, says analysis.

BTC
$70,255
returned to $70,000 after the March 29 daily close as traders counted down the final hours of a roaring Q1.BTC/USD 1-hour chart. Source: TradingView

Fed's Powell reinforces "careful" position on rate cuts

Data from Cointelegraph Markets Pro and TradingView showed old all-time highs at $69,000 forming tentative BTC price support into the weekend.
Bitcoin gained around $1,000 in the latter part of the day, seemingly aided by comments from Jerome Powell, Chair of the United States Federal Reserve.
Speaking in an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, California, Powell appeared cool on both inflation and the economic outlook.
The Fed, he stressed, was not in a hurry to enact Interest rate cuts — a key event for risk assets.
“Growth is strong right now, the labor market is strong right now and inflation has been coming down,” he said.

“We can and we will be careful about this decision — because we can be.”

Fed target rate probabilities. Source: CME Group

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June is currently markets’ favored bet for the first such cut to take place, with 61% odds of a 0.25% reduction at that month’s meeting of the Federal Open Market Committee, or FOMC, per data from CME Group’s FedWatch Tool.
March 29, while a Wall Street holiday, also saw the latest print of the Personal Consumption Expenditures (PCE) Index — known to be the Fed’s preferred inflation gauge — match expectations at 2.5%.

BTC price analysis reveals key levels

Considering the hurdles for BTC price action next, attention continues to focus on the weekly, monthly and quarterly candle close.
Related: Bitcoin shows ‘signs of exhaustion’ as Q1 BTC price gains near 70%
For popular trader and analyst Rekt Capital, $69,000 was as significant as ever — a close above would mark Bitcoin’s highest-ever such close.
“BTC is going to continue whip-sawing and zig-zagging within this Weekly Range until the Weekly Candle Close,” he predicted on X (formerly Twitter).

“Weekly Candle Close above old All Time Highs of ~$69,000 gets Bitcoin closer to a breakout. Anything else in the meantime is consolidation.”

BTC/USD chart. Source: Rekt Capital/X
Others eyed positive on-chain signals, with fellow trader and Kevin Svenson highlighting the moving average convergence/divergence (MACD) oscillator on daily timeframes.
A chart uploaded to X described MACD as “positioned for a cross-up,” with such an event coinciding with a potential BTC price breakout beyond all-time highs near $74,000.
BTC/USD chart with MACD data. Source: Kevin Svenson/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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AMAKA NWAOKOCHA
2 HOURS AGO

U.K. court freezes £6M of Craig Wright’s assets amid Bitcoin creator claim

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A United Kingdom court sanctioned the freezing of £6 million ($7.6 million) in Craig Wright’s assets to prevent him from evading court expenses tied to his assertion of being Satoshi Nakamoto, the Bitcoin
BTC
$70,255
network’s creator.The decision was made after Wright transferred some of his assets outside the U.K. after a court verdict debunking his claim to be Nakamoto. According to a U.K. court document, this prompted him to shift shares of his London firm, RCJBR Holding, to a Singaporean entity on March 18. Judge James Mellor wrote in the document,

“Understandably, that gave rise to serious concerns on COPA’s part that Dr Wright was implementing measures to seek to evade the costs and consequences of his loss at trial,”

The judge endorsed the ‘worldwide freezing order’ the Crypto Open Patent Alliance (COPA) requested to address COPA’s total court expenses amounting to $8,471,225 (£6,703,747.91).
COPA was founded in 2020 “to encourage the adoption and advancement of cryptocurrency technologies and to remove patents as a barrier to growth and innovation.” Its 33 members include Coinbase, Block, Meta, MicroStrategy, Kraken, Paradigm, Uniswap and Worldcoin.
Wright, an Australian computer scientist, leveraged claims of being Satoshi Nakamoto to file copyright assertions concerning the Bitcoin network. For instance, he demanded two websites remove the Bitcoin white paper in January 2021.
Related: Bitcoin price retraces 30 days ahead of halving in historical pattern
In April 2021, COPA filed a lawsuit against Wright, contesting his assertions of being Satoshi Nakamoto and thereby possessing copyright to Bitcoin. Following testimonies from early Bitcoin developers like Martti Malmi, the judge concluded on March 14 of this year that the evidence overwhelmingly suggests Wright is not Nakamoto.
In 2023, the Wright sued 13 Bitcoin Core developers and a group of companies, including Blockstream, Coinbase and Block, for copyright violations relating to the Bitcoin white paper, its file format and database rights to the Bitcoin blockchain.
The Bitcoin Legal Defense Fund responded to the lawsuit, highlighting the trend of abusive lawsuits against prominent Bitcoin contributors, deterring development due to the associated time, stress, expenses, and legal risks. Wright filed the United States copyright registration for the Bitcoin white paper and the code within it in 2019.
The Bitcoin white paper is now subject to an MIT open-source license, allowing anyone to reuse and modify the code for any purpose. A court injunction would prevent Wright from further copyright claims on it.