The cryptocurrency market is rebounding, with Bitcoin rising over 3% to approach $68,000.

Ask AI: How will Powell’s speech influence Bitcoin’s price movement?

On March 30, the cryptocurrency market rebounded. Among them, Bitcoin surged intraday by more than 3% to $67,917 per coin, Ethereum rose by more than 4% to $2,068 per ounce, and Dogecoin increased nearly 4%. This week, multiple economic reports are scheduled to be released in the US, along with remarks by Federal Reserve Chair Jerome Powell, which are expected to influence Bitcoin’s short-term trend. Powell will deliver a speech on Monday US time, and the market is looking for clues on whether the Federal Reserve will cut interest rates later this year. If Powell signals a dovish stance, suggesting that the labor market has cooled sufficiently, Bitcoin’s price may rebound. Conversely, if his remarks are hawkish, they could strengthen the US dollar and US Treasury yields, thereby reducing market appetite for risk assets like cryptocurrencies. Additionally, amid concerns over instability in the Middle East, Goldman Sachs has expanded its cryptocurrency holdings, and the supply of stablecoins has reached a record high of $316 billion, indicating that a large amount of capital is still waiting to enter the market.