Bitcoin Sets New Milestones with Record Quarterly Close as Bull Market Momentum Builds

As Q1 draws to a close, Bitcoin breaks numerous records amid increasing anticipation for a resurgence in BTC price discovery.

Source: www.aa.com.tr

Bitcoin embarks on a new week, month, and quarter of 2024, marking several new milestones. As the first quarter wraps up with the highest close ever recorded, the question arises: Can the bull market sustain its momentum?

On March 31, BTC price action made history, clinching the highest quarterly close. However, old resistance levels persist, engaging in a tug-of-war between buyers and sellers, which keeps the 2021 all-time highs in contention. Amidst this standoff, achieving price discovery remains a challenge. Bitcoin's ascent to $74,000 is crucial to clear out much of the selling pressure from latecomers.

With the onset of Q2, the stage is set for potentially volatile movements. Adding to the mix is the impact of macroeconomic factors, with the release of nonfarm payroll data from the United States later in the week. Preceding this is anticipated commentary from Jerome Powell, Chair of the Federal Reserve. Last week, Bitcoin reacted positively to Powell's indication of the possibility of interest rate cuts in 2024. As Bitcoin continues its upward trajectory, long-time hodlers are increasingly capitalizing on profits, counterbalancing the influx of institutional capital from spot exchange-traded funds (ETFs).

Bitcoin Price Achieves Record Highs İn Weekly Monthly And Quarterly Closes

Bitcoin essentially fulfilled bullish expectations by the end of Q1. Closing just shy of $70,300 on March 31, it marked the highest weekly, monthly, and quarterly close in its history. Following this, a predictable retracement ensued; however, data showed local lows of $68,900 occurring hours later. On shorter timeframes, BTC/USD continues to be confined within a range that was already familiar from the previous month. The price of $69,000, representing its old all-time high from 2021, remains a focal point in the market. The analyst confirmed that the most significant level for now on higher timeframes is $69,000.

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