Bitcoin Drops Below $72K: Pullback or Trend Reversal? As of late night on March 18, Bitcoin's price fell to $71,356, down 3.44% in 24 hours. This pullback has many investors worried: is the bull market over? From a macro perspective, tonight's hawkish stance from the Federal Reserve is the main drag. While the Fed kept interest rates unchanged, Chairman Powell's remarks signaled that rate cuts are unlikely in the short term. The expectation of tightened liquidity directly weighed on risk assets, and Bitcoin, being highly sensitive to liquidity, was naturally hit first. From a technical standpoint, $71,000 is a key support level. If this level is breached, the price could further dip into the $68,000-$69,000 range, where there's a dense area of trading activity. On the other hand, if Bitcoin stabilizes and rebounds here, it would suggest that this pullback is still a normal correction within the bull market. ETF fund flows are also worth paying attention to. Despite the price pullback, institutional funds haven't shown signs of large-scale withdrawals. In fact, some ETF products have been accumulating during the price drop. This might indicate that institutional investors aren't overly pessimistic about this adjustment. In the short term, market sentiment leans cautious, and the fear index has risen. However, historical data shows that sharp drops during bull markets are often quick corrections, and a true trend reversal requires significant changes in fundamentals. For now, the pressure from tightened macro policies remains, but Bitcoin's halving effect and the inflow of funds from ETFs provide some support. Investors should stay patient and wait for clearer signals from the market.