Bitcoin slips after briefly retaking $75,000... altcoins post double-digit weekly gains

Bloomingbit Newsroom

Summary

Bitcoin rose as high as $75,912 intraday before pulling back to around $74,372.
Over the past seven days, major altcoins including Ethereum, XRP, Solana, Dogecoin, and Binance Coin posted gains of up to double digits.
Spot Bitcoin ETFs recorded about $767 million in net inflows for a third straight week, while the Federal Reserve's monetary policy is seen as a key variable for risk assets.

Forecast Trend Report by Period

Bitcoin (BTC) briefly broke above the $75,000 mark before falling back, while major altcoins rose across the board, signaling a broad rebound across the market.

According to CoinDesk, a crypto-focused media outlet, Bitcoin climbed as high as $75,912 intraday on March 17 before pulling back to around $74,372. Analysts attributed the move more to derivatives position unwinds than to fresh spot buying.

CoinDesk said, "During the liquidation of a large $60,000 put-options position, market makers bought spot to hedge, pushing prices higher." Afterward, Bitcoin also slipped back below a key support level around $74,400, underscoring a lack of momentum for further gains.

A broad rebound also emerged across the market. Over the past seven days, Ethereum (ETH) gained about 13%, XRP rose 11%, and Solana (SOL) advanced 9.7%. Dogecoin (DOGE) climbed 9.5% and Binance Coin (BNB) added 5%, with most major assets posting gains of more than 5%. The rally is described as the broadest since before and after the Iran war.

Institutional inflows also appear to have supported the rebound. Spot Bitcoin exchange-traded funds (ETFs) saw net inflows of about $767 million last week, extending the streak to three consecutive weeks. That marked a turnaround from net outflows of more than about $3 billion earlier this year.

The narrowing performance gap between Bitcoin and gold is also drawing attention. Bitcoin, which had lagged gold earlier this year, has posted stronger returns than gold this month, alongside improving correlation. That has revived the 'digital gold' narrative.

The market is also flagging the U.S. Federal Reserve's (Fed) policy path as a key driver of near-term volatility. The Federal Open Market Committee (FOMC) is widely expected to hold the benchmark rate at 3.5~3.75%, but the dot plot and remarks from Chair Jerome Powell are expected to influence risk-asset moves.

In particular, uncertainty over the policy path has increased as inflation pressures from rising global oil prices emerge alongside cooling employment. Markets are focusing less on the decision itself than on signals about the future rate trajectory.