According to the latest Bitfinex Alpha report, Bitcoin has regained its footing above the $70,000 mark ahead of this week's Federal Reserve FOMC meeting on March 18th, with market momentum showing a clear recovery. Although the price has not yet broken through the current range high, the recent four consecutive trading days of net inflows into spot ETFs and sustained spot buying indicate that institutional investors are continuously accumulating within the range. The market is transitioning from the previous liquidation-driven volatility phase to a more stable "absorption" structure.
On-chain and derivatives data also show an improvement in market structure, with funding rates remaining neutral and open interest gradually recovering. Data indicates that approximately $2.4 billion in short liquidation positions were concentrated near the $72,500 level. Once the price breaks through this key resistance, it could trigger further upward momentum. Against the backdrop of escalating tensions in the Middle East driving up oil prices, the market widely believes that inflationary pressures may further increase in the coming months, which will continue to impact the liquidity environment of global financial markets, including crypto assets.