Tre3

Bitcoin (BTC) is continuing to trade around the $71,000 range, and analysis suggests the market's bullish structure remains intact despite a short-term correction.

According to Cointelegraph on March 18 (local time), Bitcoin recently rose to around $76,000 before falling about 7% and moving sideways in the $71,000 range. The correction is attributed to weakness in the stock market driven by macroeconomic factors such as a sharp rise in international oil prices and an increase in the U.S. Producer Price Index (PPI).

Still, the market structure is viewed as remaining bullish. That is because inflows through spot ETFs and Strategy's continued Bitcoin purchases are supporting upward momentum.

Cointelegraph analyzed that "demand centered on the spot market is sustaining Bitcoin's upward trend."

Even in the derivatives market, excessive leverage risk remains limited. According to CoinGlass, an on-chain and derivatives data analysis platform, even if Bitcoin falls to $68,000, the amount of long positions liquidated would be about $450 million, accounting for only around 1% of total open interest.

In addition, funding rates remain in negative territory, indicating that short positions have increased. If prices do not fall further, this structure could instead act as upward pressure.

The macro environment is also acting as a variable. As inflation pressure persists, the appeal of bond yields is declining, raising the possibility that funds could shift into gold or Bitcoin.

Cointelegraph said, "Gold prices have recently shown signs of slowing momentum," and added, "If funds move into Bitcoin, it could provide a catalyst for further gains."

Overall, Bitcoin is maintaining a structurally bullish trend despite a short-term correction phase, and changes in spot demand and the macro environment are expected to be key variables that determine the direction of prices going forward.