#加密行情震荡 Entering late 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 searching for support near $2,200, with bulls and bears locked in a stalemate before key resistance levels.

Core of volatility: "Unanchored" after macroeconomic factors settle

This week the Federal Reserve kept interest rates unchanged, pushing back rate cut expectations once again, directly draining liquidity from the high-leverage market. Combined with Middle East tensions (Iran conflicts and Hormuz Strait risks), risk-off sentiment and risk appetite alternate in controlling the market. Although Bitcoin spot ETFs saw consecutive three-week net inflows (exceeding $1.1 billion cumulatively), they failed to offset deleveraging pressure in derivatives markets caused by the high interest rate environment, resulting in a "two steps forward, one step back" sawtooth price movement.

Market structure: Altcoins "bleeding" and divergence

Against a backdrop of tightening liquidity, funds further concentrate toward large-cap assets. Bitcoin dominance has rebounded above 56%, while most altcoins, lacking independent narratives, significantly underperform the broader market. Although Ethereum benefits from ETF capital inflows, the ETH/BTC ratio remains at historic lows, indicating capital prefers Bitcoin's "digital gold" attributes over Ethereum's "application value."

Short-term outlook: Beware the "bull trap"

Technically, $75,000 has become a strong resistance level. Without effective volume breakout, the market may retrace to $69,000 support. Current network leverage remains elevated; any sudden negative catalyst could trigger rapid liquidations similar to mid-March (24-hour liquidations exceeding $600 million). Before the Fed clearly shifts toward easing, this high-volatility consolidation pattern may become the norm.