Macro pressure is increasing again and Bitcoin is still standing.
Liquidity has quietly increased, political pressure on the Fed has increased, and hopes for a rate cut remain all but dead.
Meanwhile, the dollar is strengthening, stocks and Bitcoin are falling [BTC] tries to remain steadfast through the noise. What exactly is shaping this clash between macro pressures and Bitcoin’s resilience?
The Fed’s balance sheet is growing by more than $110 billion
The Fed didn’t call it QE, but the balance sheet still rose.
As of December 1, 2025, the balance sheet had grown by more than $110 billion through reserve management purchases. These were technical short-term purchases of government bonds, intended to keep bank reserves ample as government bond issuance remained high and demand continued to rise.
That support eased tension on the money market and helped prevent new financing pressures. Therefore, the move remained neutral to positive for risk assets in the short term, even if it did not look like a full stimulus.
Trump is putting pressure on Powell while the market thinks the chance of a cut is almost zero
Trump turned up the pressure, but markets refused to back down.
On March 12, 2026, Trump said Powell should cut rates “IMMEDIATELY” rather than waiting for the next FOMC meeting on March 17-18, 2026. However, traders still only estimate a 0.6% chance of a cut, demonstrating overwhelming expectations that rates would remain unchanged.
That gap clearly exposed the real mood.
DXY climbs back above 100 while the S&P 500 weakens
The dollar strengthened again and risk appetite seemed shaky. The DXY climbed back above $100 and was trading around $100,494 on March 14.
That move came as demand for safe havens increased, tightening financial conditions again. At the same time, the S&P 500 weakened to $6,632.20.
A stronger dollar generally affects crypto poorly on paper. However, Bitcoin did not crack immediately, and that made this setup more interesting.
Can Bitcoin Hold After a Second Green Weekly Candle?
Bitcoin had already recovered from the $60K dip and printed a second green weekly candle.
After six straight red candles, that wasn’t nothing. Trading around $70,000, the price held steady while the broader macro environment remained messy.
Final thoughts
- The Fed added support, but markets still only estimate a 0.6% chance of a rate cut.
- If Bitcoin were to continue holding near $70,000, bears would have a much harder time calling weakness.