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

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

CoinDesk explained that “prices rose as market makers bought spot to hedge during the liquidation of a large $60,000 put-options position.” After slipping back below a key support level around $74,400, the market also showed signs of lacking additional upside momentum.

A broad rebound emerged across the market. Over the past seven days, Ethereum (ETH) has risen about 13%, XRP (XRP) 11%, and Solana (SOL) 9.7%. Dogecoin (DOGE) gained 9.5% and Binance Coin (BNB) 5%, with most major assets posting gains of 5% or more. This is seen as the broadest upswing since before and after the Iran war.

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

The narrowing gap between Bitcoin and gold returns is also drawing attention. Bitcoin, which had underperformed gold earlier this year, posted stronger returns than gold this month, with correlation also improving. That has brought the “digital gold” narrative back into focus.

Markets are pointing to the U.S. Federal Reserve’s (Fed) policy direction as a key driver of short-term volatility. While the Federal Open Market Committee (FOMC) is widely expected to hold the benchmark rate at 3.5~3.75%, the dot plot and remarks by Chair Jerome Powell are expected to influence future risk-asset moves.

In particular, uncertainty over the policy path has grown as inflation pressure from rising international oil prices and a cooling labor market appear at the same time. Markets are focusing less on the meeting outcome itself and more on signals about the future rate path.