Gate News reports that on March 16, the cryptocurrency market continued to rise in early Monday trading, with Bitcoin successfully breaking through the previously multiple-resistance level of $74,000. Data shows that Bitcoin has increased by approximately 2.9% in the past 24 hours, maintaining above $74,000, with a weekly gain of nearly 10%. This breakthrough is seen by the market as an important technical development, after being blocked four times at this level in the past two weeks.
Meanwhile, major cryptocurrencies also gained strength. Ethereum rose about 7.7% to $2,261, with a weekly increase of over 14%, marking its best weekly performance in months. Solana increased about 5.6% to $93, with a weekly gain of around 12%. Other leading assets also performed actively, with Dogecoin reaching around $0.10 for the first time since early March; BNB rose to approximately $683; XRP increased to about $1.47.
Analysts believe that this rally is not just a short-term correction caused by short covering, but a sign of gradually recovering market risk appetite. Compared to Bitcoin’s nearly 10% weekly gain, Ethereum and Solana saw larger increases, indicating some funds are flowing from Bitcoin into more volatile crypto assets.
Changes in the macro environment also support the market. Recent signs of easing in the Middle East situation include U.S. President Trump stating that the U.S. is in communication with Iran, though Tehran denied requesting a ceasefire. Meanwhile, Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz is only closed to “hostile ships,” easing from the previous full blockade stance.
This shift quickly reflected in energy markets. Brent crude oil prices previously rose above $106 after the Hark Island airstrike, then retreated to around $104; WTI crude fell below $100 per barrel. The U.S. dollar index also weakened slightly, while S&P 500 futures rose about 0.5%, and global stock markets gradually stabilized.
Market analysis indicates that falling oil prices, a weakening dollar, and easing geopolitical tensions have released liquidity for risk assets and driven funds back into the crypto market.
Looking ahead, market focus will shift to the Federal Reserve’s policy meeting on March 17-18. The Fed Chair Powell’s policy statements and the dot plot could reshape market expectations for future rate cuts and have a significant impact on Bitcoin and global risk assets.
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