Bitcoin oscillates and consolidates, market awaits direction choice As of March 18th, Bitcoin has been fluctuating around $65000, continuing the recent narrow range volatility pattern. From a technical perspective, BTC has been consolidating in the $62000 to $68000 range for two weeks, with trading volume continuing to shrink, indicating a stalemate between long and short positions. At the macro level, the Federal Reserve's March interest rate meeting kept interest rates unchanged, but Powell's speech was hawkish, emphasizing that inflationary pressures still exist. The market's expectation of interest rate cuts within the year has cooled down, and the US dollar index has strengthened, exerting pressure on risk assets. However, there has been a continuous net inflow of US spot Bitcoin ETFs, and institutional allocation demand remains robust, providing support for prices. In terms of geopolitics, the situation in the Middle East is tending to ease, and risk aversion is declining. However, the volatility of energy prices in Europe has intensified, and some funds are seeking alternative asset hedging. The benefits of the cryptocurrency market are limited but cannot be ignored. On chain data shows that the number of long-term holder addresses has reached a new high, and the concentration of chips has increased, indicating that "smart money" is still accumulating. In the short term, Bitcoin needs to break through the resistance of $68000 or fall below the support of $62000 in order to open up new trend space. Operational suggestion: At this stage, it is advisable to observe and wait for the direction to become clear. If it effectively breaks through 68000 US dollars, it can be moderately pursued; If it falls below $62000, be alert to the risk of a pullback. Medium - and long-term holders can continue to adopt a fixed investment strategy without overly focusing on short-term fluctuations. Risk Warning: The cryptocurrency market is volatile and investments should be cautious.