Bitcoin reclaimed the $70,000 mark following the close of trading on March 29, marking a strong finish to the first quarter of the year. As the digital asset surged, traders monitored key levels and awaited further developments.

Data from TradingView indicated that Bitcoin's price found support around the previous all-time high of $69,000, suggesting bullish momentum as the week drew to a close. The cryptocurrency gained approximately $1,000 in the latter part of the day, with some attributing the move to comments made by Jerome Powell, Chair of the United States Federal Reserve.

During an interview at the Macroeconomics and Monetary Policy Conference in San Francisco, Powell emphasized caution regarding potential interest rate cuts, highlighting the strength of economic indicators such as growth and employment. This stance contributed to a sense of stability in the markets, with investors closely monitoring the Federal Reserve's decisions.

Market sentiment suggested that June was the likely timeframe for the first interest rate cut, with a majority of analysts predicting a 0.25% reduction at the June meeting of the Federal Open Market Committee. This outlook was reflected in data from CME Group’s FedWatch Tool, which indicated a 61% probability of a rate cut in June.

While March 29 was a public holiday on Wall Street, attention remained on economic data, including the release of the Personal Consumption Expenditures (PCE) Index. The index, which is considered the Federal Reserve's preferred measure of inflation, met expectations at 2.5%, further supporting the central bank's cautious approach to monetary policy.

In terms of technical analysis, traders focused on key price levels and indicators. Rekt Capital, a prominent analyst, highlighted the significance of Bitcoin closing above $69,000 on a weekly basis, which would mark its highest-ever weekly close. Meanwhile, others pointed to positive signals from on-chain data, with the moving average convergence/divergence (MACD) oscillator suggesting a potential breakout beyond the previous all-time high of $74,000.

As Bitcoin continued to navigate these critical levels, market participants remained attentive to developments that could influence its price trajectory in the coming weeks.