#加密行情震荡 Entering the latter half of March 2026, the crypto market is experiencing violent fluctuations dominated by macroeconomic policies and geopolitical factors. Bitcoin is oscillating repeatedly between the $71,000 to $76,000 range, while Ethereum is seeking support around $2,200, with bulls and bears locked in stalemate before key resistance levels.

Core of Volatility: "Deanchoring" After Macro Catalysts Land

This week the Federal Reserve maintained interest rates unchanged, pushing back rate cut expectations once again, directly draining liquidity from leveraged markets. Combined with recurring Middle East tensions (Iran conflicts and Strait of Hormuz risks), risk-off sentiment and risk appetite alternately drive market direction. Although Bitcoin spot ETFs have seen net inflows for three consecutive weeks (cumulative over $1.1 billion), this fails to offset deleveraging pressure in derivatives markets caused by the high-rate environment, resulting in a "two steps forward, one step back" sawtooth price pattern.

Market Structure: Altcoin "Bloodletting" and Divergence

Against a backdrop of tightening liquidity, capital concentrates further toward the top tier. Bitcoin dominance has risen above 56%, while most altcoins underperform the broader market due to lack of independent narratives. Although Ethereum benefits from ETF capital inflows, the ETH/BTC rate remains at historic lows, indicating investors favor Bitcoin's "digital gold" attributes over Ethereum's "application value."

Near-term Outlook: Beware of "Bull Traps"

Technically, $75,000 has become a strong resistance level. Without effective breakout on volume, the market may retest the $69,000 support. Current leverage across the network remains elevated, and any negative catalyst could trigger rapid liquidations similar to mid-March (over $600 million in 24-hour liquidations). Before the Fed clearly pivots to easing, this high-volatility oscillation pattern may become the norm.