Bitcoin It briefly touched $75,912 early Tuesday before falling back to $74,372, but the intraday moves were less interesting than the weekly action below.
CoinDesk reported earlier on Tuesday that Bitcoin’s price break above $75,000 was driven by derivatives activity rather than new buying, specifically the closing of a large $60,000 bearish position, forcing market makers to buy spot Bitcoin as it rebalances.
The price quickly corrected back below $74,400 (former support in April 2025), confirming traders’ reluctance to chase levels higher without a fundamental catalyst.
Every major coin is up at least 5% in 7 days. Ethereum rose 13.3% to $2,316. XRP rose 11% to $1.53 and olana rose 9.7% to $93.92. Dogecoin rose 9.5% to $0.10, back above $10. BNB rose 5% to $676. It’s the broadest sustained rally since before the Iran war and comes ahead of the most important Federal Reserve meeting in months.
But the institutional flow data behind the rally are real and increasingly difficult to ignore. CF Benchmarks analyst Mark Pilipczuk noted in an email that spot Bitcoin ETFs attracted about $767 million in net inflows last week, marking the third consecutive week of positive inflows and a sharp reversal from five consecutive weeks of outflows of more than $3 billion earlier this year.
Gold Convergence Trade is another signal to watch. Year to date, through mid-March, GLD has returned about 16%, while IBIT is down about 19%. But the gap has narrowed significantly, with Bitcoin outperforming gold by 13.2% since the beginning of March. In six months, the 90-day correlation between the two has gone from -0.27 to +0.29. The “digital gold” narrative that seemed dead in February is getting some oxygen again.
The Fed meeting, which begins today and ends on Wednesday, is the key point. CME FedWatch still prices the 95%-plus maintenance rate at 3.5% to 3.75%, so the decision is not an event in itself.
What matters is the dot plot and Powell’s press conference. Oil prices above $100 make stagflation inevitable, but the labor market is softening, with the loss of 92,000 jobs in February still fresh in the mind. The Fed is caught between two mandates moving in opposite directions, and how Powell spells out that tension on Wednesday could provide direction for risk assets through the end of March.