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BlockBeats News, March 18th. The market is currently facing a dual impact of energy supply chain restructuring and declining policy maneuverability. The Federal Reserve has chosen to stand pat, reflecting its loss of dominance between energy inflation and weakening employment. The United States has released strategic reserves in the form of an "oil loan," essentially shifting short-term supply pressure to future demand. Meanwhile, the Middle East conflict continues to spread to energy facilities and shipping lanes, with a supply risk remaining. Market participants are turning to forward and physical market pricing, driving funds from near-month suppression to the far end and real assets. Bitunix analysts stated that in the crypto market structure, BTC entered a high-level oscillation range after testing liquidity above. There is significant short-side liquidity accumulation in the range of approximately 75,000–76,000 above, which constitutes a pressure zone for short-term repeated testing. The key support area is around 72,800 below, characterized by a concentration of long positions and overlapping structural support. If this level is breached, liquidity will spread to 71,500–72,000, triggering a cascade of liquidations. The overall structure indicates that the market is still in a "high-level liquidity digestion phase" rather than a trend continuation. Despite multiple attempts to break above, the price has failed to do so effectively, indicating that the main players prefer to engage in turnover and redistribution at the highs rather than a direct rally. Of particular note is that the current macroeconomic and commodity market changes are altering the pricing foundation of the crypto market: if energy prices remain high and suppress expectations of loose liquidity, BTC will lean more towards a risk asset rather than a hedge tool; conversely, if policies reintroduce liquidity, the high-level range will become a new acceleration zone. In the short term, the key for BTC lies not in direction but in whether it can effectively digest the short-side liquidity above 75K or break below 72.8K to trigger structural repricing.

According to Odaily, Wall Street giant Alliance Bernstein, which manages assets worth 850 billions USD, stated that BTC is now more resilient than ever before and has outperformed other assets amid global conflicts. Wall Street is buying the dip. (The Bitcoin Historian)

⑴ On Wednesday, the Indian rupee fell to a historic low of 92.6225 against the US dollar, surpassing the previous low of 92.4750 set last week. The ongoing conflict in the Middle East continues to push up oil prices, posing macroeconomic risks to Asia's third-largest economy and triggering capital outflows. ⑵ Since the outbreak of the Iran war, the rupee has depreciated by about 1.5%. Since March, foreign portfolio investors have withdrawn nearly $8 billion from India's local stock market, resulting in significant capital outflow pressure. ⑶ Brent crude oil prices have surged by about 40% since the onset of the war. Persistently high oil prices will widen India's current account deficit and push up inflation, exposing its currency to greater risk compared to many peer countries. ⑷ Over 80% of India's energy demand relies on imports. The Middle East conflict may also threaten remittances from overseas expatriates and damage exports to the Middle East, further exacerbating external balance of payments pressures. ⑸ Traders indicated that the main reason the rupee's decline has not accelerated further is due to frequent interventions by the central bank, including on Wednesday. The Reserve Bank of India's market operations have become the last line of defense against a rapid depreciation of the exchange rate.