#加密市场上涨 Institutional capital inflows are driving the surge, with Bitcoin breaking through the $70,000 mark, followed closely by Ethereum. Bulls are opening a new chapter!
Bitcoin and Ethereum showed a strong oscillating trend during the day, characterized by “shock correction - re-attack - high-level stabilization,” continuing the recent rebound pattern. Overall, bullish momentum remains strong during the day, with limited pullback strength. In the short term, the market is experiencing a robust oscillation pattern, with trading around key high levels. The core influences are macro sentiment, capital flows, and industry dynamics. Attention should be paid to the outcome of the battle between selling pressure at high levels and upward momentum, and be alert to short-term corrections triggered by profit-taking.
Market Review and Summary
On Tuesday (March 10), the crypto market experienced a key breakout. After Bitcoin rose to $69,479 late last night, it slightly retraced to $68,229 early this morning. Bulls regained strength, reaching a high of $69,494. After a pullback to $68,384 in the morning, it accumulated strength and broke through the $70,000 psychological barrier, reaching a high of $70,555. Currently, the price is consolidating around $70,155 at a high level. Ethereum’s movement is linked, continuing its rebound last night, with a high of $2,053. After a pullback to $1,989 this morning, it found support, and the current price has risen back to around $2,042. Overall, Bitcoin successfully broke through the $70,000 level, and Ethereum re-claimed the $2,000 zone. The bulls are opening upward space, and market sentiment has significantly improved.
News Summary and Macro Outlook: Optimism Before CPI Data Release, Rate Cut Expectations Rise
Ahead of the U.S. February CPI data release on Wednesday, market sentiment is optimistic. Recent economic data shows signs of easing inflationary pressures. Coupled with the unexpectedly poor non-farm payrolls report last Friday, expectations for a rate cut by the Federal Reserve this year have increased. According to CME FedWatch Tool, the market now prices in about a 45% chance of a 25 basis point rate cut in June. If tomorrow’s CPI data continues to show a decline in inflation, it will further reinforce rate cut expectations, benefiting risk assets. However, attention should be paid to ongoing inflation concerns driven by oil price fluctuations. If inflation expectations rise again, it could dampen the rate cut outlook, indirectly suppressing Bitcoin and Ethereum’s price movements.
Capital Flows: Institutional Funds Continue to Re-enter, Exchange Outflows Increase
On-chain data shows significant buying support below $68,000 for Bitcoin, with Bitcoin holdings on exchanges continuing to decline as some institutional investors buy at low levels. Bitcoin spot ETF recorded net inflows of about $350 million in the first two trading days this week, ending a previous trend of small outflows. For Ethereum, withdrawals from exchanges in February reached 31.6 million ETH, the highest level since November last year, reducing spot liquidity and providing structural support for prices.
Geopolitical Factors: Middle East Tensions Easing, Limited Impact on Crypto Market
U.S. President Trump stated that “the war with Iran is essentially over,” easing geopolitical tensions. However, the crypto market is currently more driven by macroeconomic data and capital flows, with a relatively muted response to geopolitical news.
Policy and Industry Support Factors:
Recently, the U.S. has adopted a more friendly attitude toward the crypto industry. The White House held a cryptocurrency summit, explicitly supporting the development of cryptocurrencies led by Bitcoin, and plans to establish a strategic Bitcoin reserve to support Bitcoin’s long-term trend. However, uncertainties remain within the industry, with some projects involved in scandals or personnel departures, which to some extent affect market confidence and limit the rebound potential of the two major coins.
Additionally, competition from alternatives like Solana continues to divert funds, with some capital shifting to other Layer 1 tokens, creating a certain degree of capital diversion from Bitcoin and Ethereum.
Bitcoin (BTC) Intraday Analysis
Today, Bitcoin shows a momentum-building breakout and consolidation at high levels. After a dip to $68,229 early in the morning, it found support. It tested resistance near $69,400 twice in the morning. Currently, it has volume-broken through the $70,000 psychological level, reaching a high of $70,555 and successfully stabilizing above $70,000. The first support level during the day is around $69,000–$69,500 (former resistance turned support), with strong support at $68,300–$68,500 (the recent low). Resistance above is near $70,500–$70,600 (close to today’s high). Once broken, the target could be $71,000–$71,500. Overall, Bitcoin is showing a strong oscillating pattern, with some bullish and bearish divergence. Given the successful breakthrough of the $70,000 level and trend confirmation for bulls, conservative traders may wait for a pullback confirmation before entering (watching support around $69,500–$69,000). Trading principles should be “light positions, strict stop-loss, and avoid chasing rallies or panic selling.”
