Introduction

Bitcoin's price hovers around $70,000 on March 31 as traders hope for a potential breakout in the days ahead. Positive reactions from BTC traders follow recent comments made by US Federal Reserve Chairman, Jerome Powell.

Will Bitcoin surpass $75,000 this week? Traders anticipate a breakout above this key level in the coming days.

Jerome Powell's remarks sparked a surge in Bitcoin's price, reaching $70,763 on March 31 with a 17% gain for the month. Powell's assurance that the US is not heading towards a recession has uplifted market sentiments, hinting at a positive kickstart for Bitcoin in April.

Powell's statement on March 29 instantly boosted Bitcoin's speculative traders' morale. Market data indicates a significant rise in Bitcoin's funding rate, showcasing a surge of 100% within 48 hours of Powell's comments. Long traders exhibiting confidence in a possible price surge are willing to pay higher fees to maintain their positions while leveraging their investments.

With Bitcoin steadying around $70,200, traders, encouraged by Powell's outlook, are eyeing a breakout towards $75,000. Establishing support above the previous peak of $73,900 would validate this optimistic forecast. However, data suggests a potential sell-off at the $72,500 level due to a significant number of addresses holding Bitcoin purchased around $73,000 earlier this month. To propel Bitcoin towards $80,000, sustained spot buying fueled by traders' positive funding rates may be necessary.

Conclusion

In case of a market downturn, Bitcoin could find short-term support at $68,400. Traders continue to monitor Bitcoin's price movements closely as they anticipate further growth in the wake of Jerome Powell's positive statements regarding the economy.