Gate News reports that on March 18, Bitcoin’s price retreated to the $74,000 range after rising to approximately $76,000 last week. The market is closely watching Federal Reserve Chair Jerome Powell’s speech today and future interest rate trends. Traders generally expect the benchmark rate to remain unchanged at 3.50% to 3.75%, but statements on inflation and rate cuts could still trigger price volatility. Analysts note that overheating producer price index data or hawkish comments from Powell could impact Bitcoin and risk assets.
Santiment on-chain data shows that whales holding between 100 and 100,000 BTC have accumulated about 30,000 BTC, worth roughly $2.1 billion, in the first 16 days of this month. Meanwhile, Bitcoin ETFs have experienced six consecutive days of net inflows, totaling $963 million, indicating sustained institutional demand. The CryptoFear & Greed Index on CoinMarketCap has entered the “Neutral” zone, reflecting a significant improvement in market sentiment compared to a month ago. Over the past seven days, short positions have been liquidated for over $1 billion, with the most recent surge in price leading to approximately $290 million in short positions being closed.
However, Julio Moreno, Head of Research at CryptoQuant, points out that on March 16, hourly inflows of Bitcoin into exchanges surged to 6,100 BTC, the highest level since February 20. Large deposits accounted for 63% of total inflows, indicating increased potential selling pressure. He emphasizes that $75,000 is a key resistance level, with Bitcoin testing this price three times on the US’s largest compliant CEX within 24 hours without breaking through. Currently, active traders’ actual transaction prices are around $84,700.
Analysts believe that the continued accumulation by whales and ETF inflows suggest long-term structural demand remains, but short-term trading should remain cautious of selling pressure and key resistance levels. As Powell’s speech approaches, the market may experience a new wave of volatility.
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