title: By Omkar Godbole

The crypto market has steadied over the past two days, with bitcoin briefly topping the 200-day simply moving average at $84,000 early today.

The cryptocurrency market showed signs of steadying on Wednesday, with bitcoin briefly touching the 200-day simple moving average at $84,000 early in the day.

Softer-than-expected U.S. CPI figures released on Wednesday aided the sentiment by validating traders' anticipations of four interest-rate cuts this year by the Federal Reserve.

The past 24 hours' recovery was largely driven by the memecoin sector, followed by tokens of layer-1 and layer-2 blockchains and AI tokens, according to data source Velo.

However, issues such as President Trump's tariffs, U.S. recession concerns and the bond-market volatility that recently rocked BTC and other risk assets remain to cast doubt on the sustainability of the market recovery.

But at least two factors suggest otherwise.

The first is the quarter-end rebalancing. The Nasdaq and S&P 500 are down 6% and 4.8%, respectively, this quarter, while the 10-year Treasury note is up 5%. That means funds mandated to maintain a specific asset allocation mix are now overweight bonds and will likely rebalance by buying equities and selling bonds as the quarter end nears.

Those actions will push bond yields and stock prices higher and could bode well for bitcoin and the broader crypto market, given the strong correlation between BTC and the technology stocks.

The other factor is the yen, which has come under pressure since CoinDesk noted the potential for renewed crypto market stability on the back of overstretched bullish positioning in the Japanese currency. The yen, seen as a haven investment, may remain under pressure as the potential quarter-end rebalancing lifts U.S. bond yields. In other words, risk-off stemming from the JPY strength and the resulting unwinding of the yen carry trades may be over for now.

Positive net global liquidity could also grease risk-taking.

"Net global liquidity, largely due to China and the U.S., is increasing," Two Prime, an SEC-registered investment adviser, said in a Telegram chat. "This may counteract some of the effects of the yen trade’s unwind. In addition, as the U.S. gets its own rates and inflation under better control, which has already started to incrementally trend down over the past few months, it will reduce pressure on other central bank bonds and slow rate growth on yen borrow."

Still, traders need to be vigilant for volatility, as Deribit's BTC-listed options market tracked by Amberdata shows significant negative dealer gamma between $81,000 and $87,000. Dealers are likely to trade in the direction of the market to maintain their overall exposure neutral, adding to price swings.

The U.S. is set to publish the February producer price index (PPI) report and the weekly jobless claims later today. A hotter-than-expected PPI, representing pipeline inflation, may inject downside volatility into risk assets. Stay alert!What To WatchCryptoMarch 15: Athene Network (ATH) mainnet launch.March 15: Reploy will close its V1 RAI staking program to new users as it transitions to a fully automated revenue-sharing protocol.March 17: CME Group launches solana (SOL) futures.March 18: Zano (ZANO) hard fork network upgrade which activates “ETH Signature support for off-chain signing and asset operations.”March 20: Pascal hard fork network upgrade goes live on the BNB Smart Chain (BSC) mainnet.MacroMarch 13, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases February producer price inflation data.Core PPI MoM Est. 0.3% vs Prev. 0.3%Core PPI YoY Est. 3.6% vs Prev. 3.6%PPI MoM Est. 0.3% vs Prev. 0.4%PPI YoY Est. 3.3% vs Prev 3.5%March 14, 8:00 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases January producer price inflation data.PPI MoM Prev. 1.48%PPI YoY Prev. 9.42%March 16, 10:00 p.m.: The National Bureau of Statistics of China releases February employment data.Unemployment Rate Prev. 5.1%Earnings(Estimates based on FactSet data)March 14: Bit Digital (BTBT), pre-market, $-0.05March 24 (TBC): Galaxy Digital Holdings (TSE:GLXY), C$0.38Token EventsGovernance votes & callsUniswap DAO is discussing continuing treasury delegation to maintain governance stability and retain active delegates, including a renewed framework and structure expiration and allocation mechanisms.ApeCoin DAO is discussing the establishment