Bitcoin Oscillates Between $60K and $75K as Macro Factors Dominate Price Action

Bitcoin's price is currently hovering around $68,200, experiencing a slight pullback of approximately 4% in the last 24 hours, but still up 3.5% over the past week. This oscillating pattern continues the correction trend seen since the beginning of the year. From January to February, Bitcoin rapidly declined from $90,000 to $60,000, constrained by tightening global market sentiment. Although it briefly rebounded to $74,000, it encountered significant resistance, including the 61.8% Fibonacci retracement level and the 50-day moving average. The market widely believes this rally was primarily driven by short covering rather than sustained buying support.

The price has repeatedly tested highs and lows within the $60,000 to $75,000 range, recently facing resistance again at the upper boundary, indicating strong psychological and technical constraints within this range. Market momentum is gradually weakening, with prices slowly declining, confirming the trading logic of "range is strength" in oscillating markets.

On the macro front, ongoing geopolitical conflicts in the Middle East continue to push oil prices higher, and a stronger dollar is breaking Bitcoin's long-standing negative correlation with the dollar – a reversal seen for the first time in over a decade. Simultaneously, weak U.S. non-farm payroll data for February, with a reduction of 92,000 new jobs, has heightened market risk aversion, putting pressure on risk assets. However, institutional funds have not withdrawn; Bitcoin spot ETFs saw net inflows of over $1.5 billion last week, demonstrating continued recognition of long-term value by mainstream capital. From the derivatives market perspective, call option open interest is approximately three times that of put options, indicating a strong market expectation for a price rebound in the coming quarter. Traders can focus on two key areas: if the price falls below $65,000, it may test the $60,000 psychological level; if it effectively breaks through $75,000, it is likely to resume its upward trajectory, targeting $90,000. In the current environment, it is recommended that traders prioritize price action itself, closely monitor upcoming U.S. employment data and geopolitical developments, avoid emotional trading, and adhere to disciplined risk management.