BlockBeats report: On March 12, the U.S. February CPI annual rate came in at 2.4%, and the core CPI annual rate at 2.5%, both in line with market expectations, without substantially altering the market’s basic assessment of the Fed’s policy trajectory. Meanwhile, the Trump administration is pushing to initiate Section 301 trade investigations against several major economies, continuing to heighten global trade and geopolitical uncertainties.
The situation in the Middle East remains a core variable influencing global risk appetite. Iran has stated it possesses the capability to block the Strait of Hormuz, while international energy agencies simultaneously announced the release of approximately 400 million barrels of emergency oil reserves—the largest in history. Uncertainty surrounding energy supply and military conflict keeps macro markets in a cautious观望 phase in the short term, caught between policy and geopolitical risks.
Under this context, the crypto market continues to exhibit a range-bound structure. Since early February, BTC has broadly traded within a wide range of approximately $61,000 to $71,000. Looking at derivative liquidation distributions, dense short liquidity has accumulated in the area around $71,000–$72,500, while recent long leverage is concentrated between $66,000 and $65,000. Should prices decline further, the area near $61,000 remains a deeper layer of liquidity support.
The current price is oscillating repeatedly below $70,000, indicating that the market remains primarily focused on scanning for liquidity above and below. The overall structure suggests that, prior to any clear directional catalyst from macro events, BTC is likely to continue trading within a wide range as participants compete for liquidity.