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Bitcoin Expresses Resilience, Getting Support Irrespective of Market Fluctuations

Bitcoin’s former all-time high prices at $69,000 are reportedly shaping tentative support, with it gaining nearly $1,000 amid the day’s latter part.

ShahZaib Ahmed

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BTC Expresses Resilience, Getting Support Irrespective of Market Fluctuations

The top crypto asset Bitcoin (BTC) is expressing resilience amid the market uncertainties. Bitcoin’s former all-time high prices at $69,000 are reportedly shaping tentative support, with it gaining nearly $1,000 amid the day’s latter part. Recently, the US Federal Reserve’s chairman Jerome Powell expressed confidence in the crypto token.

BTC Displays Resilience, Receiving Tentative Support Despite Market Shifts

In his latest interview, Powell cautiously talked about inflation as well as the economic outlook. The Fed chair stressed the agency’s reluctance to hurry into decreasing interest rates.

In this respect, Powell pointed toward the resilient economic rise and a robust labour market. These comments reassured the BTC investors with the potential provision of support.

A significant increase has taken place in the speculations concerning a likely decrease in interest rates. Additionally, June will potentially emerge as a supportive month in this respect.

Also Read: THORChain Surpasses $10B Monthly Volume Amid Bitcoin Safety Debate

Powell’s cautious approach signifies the Fed’s determination to carefully deliberate before policy adjustments. On the 29th of this month, the new Personal Consumption Expenditures Index was released.

Technical Indicators Offer an Optimistic Outlook for Bitcoin

This data met the expectations and revalidated the inflationary pressure assessment of the Fed. At the moment, the price action of Bitcoin is going through scrutiny.

Additionally, the community is keenly focusing on its quarterly, monthly, and weekly closes. Moreover, Analysts place $69,000 at the place of a crucial level. As per them, reaching this spot may provide a push toward a likely breakout.

On-chain indicators, such as moving average convergence (MACD), additionally offer an optimistic prospect for Bitcoin. Traders are giving considerable attention to daily observing the MACD oscillator as it is placed for a likely cross-up.

The indicator denotes a bullish momentum swing, parallel to the BTC’s potential to surpass the ATH of $74,000. The encouraging on-chain statistics support market sentiment, showing spiking investor confidence.

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