Gate News: On March 17, the cryptocurrency market experienced a significant rebound driven by continuous ETF fund inflows, with the total market capitalization rising in tandem with mainstream assets. Over the past 24 hours, the total crypto market cap increased by approximately $62 billion, reaching $2.51 trillion, hitting a six-week high and indicating synchronized improvement in both liquidity and sentiment.
Structurally, the total market cap has successfully broken through the key threshold of $2.50 trillion, which is gradually transforming into a short-term support level. If buying momentum continues, the next target area will be around $2.57 trillion. However, the approximately $19 billion pullback during the session also reflects some selling pressure at higher levels. If the market falls below $2.50 trillion, it may retest the $2.45 trillion range.
Bitcoin briefly surged to the $75,000 level before pulling back slightly to around $74,390, hitting a one-and-a-half-month high. This round number remains a key psychological resistance. If it stabilizes above this level, it could pave the way for further challenges toward the $78,000 range. However, technical indicators show that the Money Flow Index (MFI) is approaching overbought territory, indicating a short-term risk of a correction back toward $70,000.
Meanwhile, privacy-focused asset Zcash performed strongly, rising about 18% in 24 hours. Its price broke out of a descending wedge pattern, which is seen as a trend reversal signal. Technical analysis suggests this pattern has about a 45% upside potential, with a target near $303. Currently, the price oscillates around $272, with $275 serving as a key support level. If this support is lost, a retest of the $244 zone could occur.
In industry news, OpenSea announced a delay in its SEA token issuance plan. Co-founder Devin Finzer stated that considering the current market environment’s uncertainty, the team decided to postpone the launch to a more suitable time to avoid the pressures of issuing during low liquidity phases.
On the regulatory front, the U.S. Securities and Exchange Commission is reportedly working on a corporate disclosure reform plan, which may allow companies to reduce the frequency of quarterly financial disclosures. This move could lower listing barriers and improve the capital market environment, indirectly benefiting risk asset valuation logic.
Currently, the market rebound is supported by ETF fund inflows, technical improvements, and policy expectations. However, key resistance levels and short-term profit-taking pressures will continue to constrain the market’s upward movement.
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