Bitunix Analyst: Energy Supply Chain Reconfiguration Resonates with Policy Failure, BTC Repeatedly Tests High Liquidity Area

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.