Gate News: On March 24, the cryptocurrency market rebounded, mainly influenced by U.S. President Trump’s announcement to suspend the attack plan on Iran’s energy infrastructure. The decision lasts five days and is accompanied by statements that “negotiations are progressing smoothly,” quickly boosting market risk appetite. Bitcoin’s price surged from below $68,000 to above $71,000 within hours.
On the macro level, crude oil prices plummeted, with WTI and Brent crude falling approximately 11% and 8%, respectively, easing concerns about inflation and energy supply. Meanwhile, over $270 million in Bitcoin short positions were liquidated, creating a “short squeeze” that further amplified the upward momentum.
In terms of market capitalization, the total crypto market size rebounded from about $2.31 trillion on March 22 to $2.39 trillion, an increase of approximately $74.4 billion in one day. The $2.40 trillion level has become a short-term key resistance. If broken effectively, the market could further rise to the $2.50 trillion to $2.57 trillion range; conversely, if it falls back below $2.32 trillion, the rebound structure will weaken.
Bitcoin is currently trading around $70,500, with short-term resistance at $70,552 and support at $68,865. The MFI indicator remains above 70, indicating buying strength remains resilient but has not yet entered an extreme overbought zone. If sentiment continues, the price may challenge $74,000; otherwise, there is a risk of falling back to $65,776.
Additionally, Japan’s Liberal Democratic Party is promoting an AI-based on-chain financial framework, signaling policy support. Meanwhile, the Balancer ecosystem is entering a structural adjustment phase following a historical vulnerability incident, drawing market attention to its future development.
In altcoins, FET price slightly increased to $0.2324, with the capital flow indicator turning positive, showing short-term buying has recovered. If it holds above key support levels, further upside potential remains.
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