Bitcoin hits $70,000 for first time
Key Points:
- Bitcoin (BTC) price soared above the $70k mark again on March 10, 2024, before retracting towards the $69,400 area.
- The Social Sentiment surrounding BTC has flipped negative, signaling that investors are leaning towards a major pullback before the next leg up.
- Historial accumulation trends suggest the $65,000 territory can offer significant short-term support.
In this article:
Bitcoin (BTC) price soared above the $70k mark again on March 10, 2024, before retracting towards the $69,400 area. On-chain data analysis examines how recent swings in investor sentiment could impact BTC’s prospects of reaching $75,000 in the coming week.
After a blistering 20% rally to new all-time highs in the first 10 days of March 2024, is Bitcoin price on the verge of a major pullback?
Media Sentiment Has Swung Negative since $70k Breakout
Bitcoin price set a new all-time high record when it first broke above the $70,000 mark on March 8. After a brief pull back, BTC briefly reclaimed the spot again on Sunday March 10. But both times, the bulls have failed to establish a steady support level above the coveted $70,000 territory.
Recent, Bitcoin on-chain data trends suggests that there has been a significant switch in investor sentiment which could be a key catalyst behind the retracement.
Santiment’s weighted sentiment chart below measures the difference between negative and positive mentions of a project across prominent crypto media channels. 
Bitcoin (BTC) Weighted Sentiment vs Price | Source: Santiment
As seen above, BTC weighted sentiment has been trending downward since March 8. And at press time on March 10, it has now dropped into the negative zone toward 0.4%.
Essentially, this means comments about BTC across social media platforms are currently dominantly negative.
This feeds into the assumption that many strategic investors are often wary of a major retracement, when an asset clears a multi-year resistance to hit an all time-high as Bitcoin price did last week.
Bitcoin bears could capitalize on investors’ skittish disposition to attempt a price downswing in the near-term.
Bitcoin Price Prediction: More Consolidation before $75,000 Breakout
Based on the current social sentiment dynamics, there appears to be a short-term pessimism among Bitcoin investors. This suggests that a pullback toward $60,000 is more likely than an advance towards $80,000 in the near term.
Historical accumulation trends that BTC can find significant support above $65,000, especially if the market demand surges when Bitcoin ETFs trading session opens on Monday, March 11.
IntoTheBlock’ In/Out of the Money chart shows that 441,360 addresses had acquired 345,110 BTC at the average price of $65,290. If this major cluster of holders defend their positions, BTC can avoid a major downswing.
But if that support level gives way, a detour towards $60,000 could be on the cards. 
Bitcoin (BTC) Price Prediction: Can BTC reach $80,000 this week | Source: IntoTheBlock
On the upside Bitcoin price could advance towards $80,000 if the ETF inflows rise further in the coming week. In this scenario, the next psychological resistance at the $75,000 milestone could post a significant challenge to the Bitcoin bull rally.
Related Articles
- Bitcoin (BTC) News Today: Catalyst Needed for BTC Breakout Above $70,000
- XRP News Today: SEC’s Legal Maneuvers Drive XRP Price Volatility
- PEPE Price Rallies 300% as Ethereum Crossed $4k: More Gains Ahead?
About the Author
Author
Follow
Ibrahim Ajibade Ademolawa is a seasoned research analyst with a background in Commercial Banking and Web3 startups, specializing in DeFi and TradFi analysis. He holds a B.A. in Economics and is pursuing an MSc in Blockchain.
Did you find this article useful?
2024 Awards
From Our Partners
Trade with the #1 Global Value Forex Broker
Infinity: top Partner Program with the highest payouts 2024
Latest news and analysis
DAX Index Today: China, the ECB, and US Consumer Inflation Expectations
Bitcoin (BTC) News Today: Catalyst Needed for BTC Breakout Above $70,000
Asia Market News: Nikkei Dives on Bank of Japan Pivot Bets; Hang Seng Bucks Trend
XRP News Today: SEC’s Legal Maneuvers Drive XRP Price Volatility
USD/JPY Forecast: 145 in View as Investors Eye Wages and BoJ Monetary Policy
AUD to USD Forecast: China Inflation, NPC, and US Data Set Tone
Advertisement
Editors’ Picks
- Asia Market News: Nikkei Dives on Bank of Japan Pivot Bets; Hang Seng Bucks Trend
- XRP News Today: SEC’s Legal Maneuvers Drive XRP Price Volatility
- Hang Seng Index, Nikkei Index, ASX 200: Nikkei Futures Down 720 Points
- USD/JPY Forecast: 145 in View as Investors Eye Wages and BoJ Monetary Policy
- DAX Index Today: China, the ECB, and US Consumer Inflation Expectations
- Bitcoin (BTC) News Today: Catalyst Needed for BTC Breakout Above $70,000
Top Brokers
Sponsored
Trade with Exness
General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
Trade with IC Markets
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Trade with OCTA
Forex margin trading involves substantial risks.
Trade with Errante
FX and CFDs trading involves a high risk of loss
Trade with FP Markets
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
Trade with FxPro
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trade with FlowBank SA
CFDs are complex instruments and are not suitable for everyone as they can rapidly trigger losses that exceed your deposits. You should consider whether you understand how CFDs work.
Trade with MultiBank Group
By using this website and or its services, you agree that neither MultiBank Group nor any of its affiliates and service providers will be held responsible for the accuracy of any information available on this site. Although information on this site is provided in good faith and is believed by MultiBank Group or its affiliates to be accurate, there are no explicit or implicit warranties of accuracy or timeliness made by MultiBank Group or its affiliates and service providers regarding this information. Furthermore, in visiting this site and in opening an MultiBank Group or its affiliates Forex trading account you agree not to hold MultiBank Group or any of its affiliates and service providers liable for any decisions you may make based on the information you obtain on this website or websites we link to. It is recommended that you make your decisions only after you have reviewed information and collected opinions from several credible sources and have verified ALL facts you need to know about Forex trading from other independent sources. MultiBank Group and its web hosting providers and its affiliates shall in no event be liable for any damages and or loss resulting from interruption of website service or the inability to use our website. Unless stated otherwise, material on this site is copyright of MultiBank Group. MultibankFX is the trading name of Multibank FX International Corporation (BVI) Company No. 1377324.
Advertisement
Advertisement
Advertisement
Trade With A Regulated Broker
1H
24H
7D
Market Cap
24H Volume
7 Day Chart1
Bitcoin(
BTC
)
$68.58K
+0.01%-1.30%+8.14%$1.35T$37.49B
Ethereum(
ETH
)
$3.86K
-0.10%-2.20%+11.17%$463.94B$19.52B
Tether(
USDT
)
$1.00
0.00%-0.10%0.00%$102.11B$55.80B
BNB(
BNB
)
$521.23
-0.06%+5.86%+25.85%$80.26B$5.91B
Solana(
SOL
)
$140.58
-0.27%-4.23%+9.35%$62.39B$4.26B
Lido Staked Ether(
STETH
)
$3.86K
-0.07%-2.16%+11.28%$38.08B$44.17M
XRP(
XRP
)
$0.61
+0.09%-2.77%-3.93%$33.29B$1.72B
USDC(
USDC
)
$1.00
0.00%+0.07%-0.04%$30.18B$8.32B
Cardano(
ADA
)
$0.71
-0.03%-3.46%-5.04%$25.04B$680.41M
Dogecoin(
DOGE
)
$0.17
+0.64%-6.48%+6.37%$23.96B$2.37B
Shiba Inu(
SHIB
)
$0.00
+1.28%-8.15%+41.81%$19.01B$2.07B
Avalanche(
AVAX
)
$41.54
+0.02%-3.66%-1.33%$15.69B$650.39M
Polkadot(
DOT
)
$10.42
+0.77%-0.48%+7.97%$13.96B$445.45M
Chainlink(
LINK
)
$21.27
+0.28%+6.77%+5.35%$12.50B$1.41B
TRON(
TRX
)
$0.13
+0.09%-2.25%-4.75%$11.70B$411.49M
Polygon(
MATIC
)
$1.19
0.00%+2.59%+9.17%$11.07B$1.22B
Wrapped Bitcoin(
WBTC
)
$68.49K
-0.18%-1.06%+8.05%$10.69B$318.80M
Uniswap(
UNI
)
$14.06
-0.56%-1.33%+14.17%$10.60B$340.45M
Toncoin(
TON
)
$2.79
+0.36%-2.11%+4.89%$9.69B$59.30M
Bitcoin Cash(
BCH
)
$416.19
+0.09%-5.69%-8.26%$8.20B$462.46M
NEAR Protocol(
NEAR
)
$6.82
+2.37%+12.89%+51.78%$7.11B$746.24M
Litecoin(
LTC
)
$86.88
+0.09%-2.86%-3.22%$6.46B$522.24M
Internet Computer(
ICP
)
$13.99
+0.29%-3.65%+6.79%$6.45B$227.91M
Filecoin(
FIL
)
$10.47
-0.47%-5.76%+3.35%$5.48B$532.53M
LEO Token(
LEO
)
$5.69
+0.53%+0.71%+18.87%$5.28B$2.46M
Cosmos Hub(
ATOM
)
$13.43
+1.81%-0.82%+7.91%$5.24B$300.99M
Ethereum Classic(
ETC
)
$35.48
+0.08%-4.61%+6.69%$5.18B$300.23M
Immutable(
IMX
)
$3.49
0.00%+0.86%+7.03%$4.85B$116.42M
Aptos(
APT
)
$12.87
+0.55%-3.33%+10.83%$4.76B$184.45M
Optimism(
OP
)
$4.58
-0.43%-3.16%+17.09%$4.61B$396.39M
Dai(
DAI
)
$1.00
-0.02%-0.13%+0.01%$4.55B$431.78M
Render(
RNDR
)
$11.69
+3.23%-3.50%+54.12%$4.47B$484.68M
Bittensor(
TAO
)
$679.60
-0.18%-4.03%+7.58%$4.34B$23.24M
Cronos(
CRO
)
$0.16
+0.51%-2.77%+17.39%$4.34B$39.89M
Stacks(
STX
)
$2.99
0.00%-2.92%-2.92%$4.32B$223.58M
Hedera(
HBAR
)
$0.12
+0.19%-5.03%+11.29%$4.20B$86.58M
The Graph(
GRT
)
$0.44
-0.52%-5.67%+42.10%$4.17B$438.55M
Stellar(
XLM
)
$0.14
+0.87%-1.75%+3.66%$4.05B$161.94M
OKB(
OKB
)
$66.69
-0.93%+8.71%+16.23%$4.01B$76.05M
Pepe(
PEPE
)
$0.00
+1.81%-9.33%+32.28%$3.54B$1.22B
Injective(
INJ
)
$39.46
-0.28%-3.26%-0.90%$3.49B$170.14M
Theta Network(
THETA
)
$3.47
-0.85%+13.36%+49.36%$3.48B$205.16M
VeChain(
VET
)
$0.05
+0.11%-3.43%-2.15%$3.44B$97.88M
Kaspa(
KAS
)
$0.15
-0.38%-0.86%-10.73%$3.40B$70.06M
Mantle(
MNT
)
$1.04
+0.68%-2.07%+19.00%$3.37B$246.24M
First Digital USD(
FDUSD
)
$1.00
-0.10%-0.41%-0.05%$3.29B$13.68B
Fetch.ai(
FET
)
$2.82
+1.07%-4.08%+61.14%$2.95B$646.79M
Arbitrum(
ARB
)
$2.02
0.00%-2.88%+2.02%$2.94B$617.98M
Lido DAO(
LDO
)
$3.27
0.00%-2.96%-0.91%$2.92B$95.03M
Celestia(
TIA
)
$15.88
0.00%-6.20%-0.44%$2.70B$135.35M
FLOKI(
FLOKI
)
$0.00
+2.90%+11.73%+84.83%$2.69B$1.55B
GALA(
GALA
)
$0.08
-0.78%+23.53%+70.67%$2.67B$1.84B
Arweave(
AR
)
$40.55
+0.12%-6.40%+34.80%$2.66B$108.72M
THORChain(
RUNE
)
$8.69
+3.15%+1.29%+53.46%$2.65B$725.33M
Monero(
XMR
)
$144.14
-0.80%+0.90%-0.89%$2.61B$50.66M
Maker(
MKR
)
$2.64K
-1.03%+7.46%+28.43%$2.44B$260.30M
Rocket Pool ETH(
RETH
)
$4.24K
-0.31%-1.79%+11.11%$2.33B$30.65M
Flow(
FLOW
)
$1.46
+0.69%+0.68%+18.40%$2.19B$91.62M
Algorand(
ALGO
)
$0.27
+2.31%-0.64%+7.70%$2.17B$107.81M
Sei(
SEI
)
$0.85
+0.12%-6.38%+6.01%$2.16B$175.99M
Fantom(
FTM
)
$0.77
+1.12%-2.67%+9.44%$2.15B$251.09M
Beam(
BEAM
)
$0.04
+0.22%-6.10%+18.20%$2.11B$57.87M
Bitcoin SV(
BSV
)
$107.06
+0.30%-4.20%+1.91%$2.10B$63.81M
dogwifhat(
WIF
)
$2.09
0.00%-4.59%+32.48%$2.08B$289.70M
Mantle Staked Ether(
METH
)
$3.98K
+0.08%-2.18%+11.64%$2.08B$4.94M
Bonk(
BONK
)
$0.00
+1.79%-7.45%-2.15%$2.01B$359.09M
Aave(
AAVE
)
$129.78
+0.24%-0.47%+17.77%$1.92B$225.78M
Sui(
SUI
)
$1.54
0.00%-4.35%+0.65%$1.89B$277.35M
Starknet(
STRK
)
$2.45
-1.60%-0.41%+35.36%$1.79B$412.55M
MultiversX(
EGLD
)
$66.60
-0.12%-2.23%-2.74%$1.78B$48.62M
Quant(
QNT
)
$117.24
-0.37%-3.08%-3.58%$1.71B$44.16M
The Sandbox(
SAND
)
$0.75
-0.64%-3.95%+12.22%$1.70B$449.09M
dYdX(
DYDX
)
$3.96
0.00%-4.57%+10.28%$1.69B$27.52M
Axie Infinity(
AXS
)
$12.15
-0.57%-5.80%+18.62%$1.68B$247.67M
SingularityNET(
AGIX
)
$1.29
0.00%-3.01%+36.71%$1.65B$405.77M
BitTorrent(
BTT
)
$0.00
+0.59%-5.06%+20.71%$1.64B$88.09M
Mina Protocol(
MINA
)
$1.49
+1.36%+2.78%+8.82%$1.59B$170.42M
ORDI(
ORDI
)
$73.20
-0.35%-6.04%-13.67%$1.54B$254.11M
Ribbon Finance(
RBN
)
$1.62
+0.63%+0.63%+108.25%$1.51B$14.89M
Worldcoin(
WLD
)
$9.87
+1.54%-5.70%+22.77%$1.47B$933.44M
Flare(
FLR
)
$0.04
+0.75%-2.77%-6.72%$1.44B$22.73M
KuCoin(
KCS
)
$14.68
+0.07%-1.21%+13.11%$1.41B$542.70K
Synthetix Network(
SNX
)
$4.25
+1.18%-3.20%-4.07%$1.39B$78.98M
Decentraland(
MANA
)
$0.74
-0.33%-4.23%+12.59%$1.39B$357.92M
ApeCoin(
APE
)
$2.25
-0.44%-2.16%+2.73%$1.38B$168.19M
Akash Network(
AKT
)
$5.84
+0.51%-4.74%+32.20%$1.35B$8.71M
Axelar(
AXL
)
$2.24
0.00%-3.45%-6.67%$1.33B$41.29M
Tokenize Xchange(
TKX
)
$16.57
-0.18%-1.37%+10.10%$1.33B$48.14M
Chiliz(
CHZ
)
$0.15
+0.21%-5.25%-2.00%$1.32B$100.45M
EOS(
EOS
)
$1.15
+0.87%-4.17%+6.98%$1.32B$241.66M
SATS (Ordinals)(
SATS
)
$0.00
-0.32%-4.35%-11.15%$1.30B$56.13M
Tezos(
XTZ
)
$1.43
+0.70%-0.69%+2.14%$1.30B$65.00M
TrueUSD(
TUSD
)
$1.00
0.00%-0.34%-0.14%$1.29B$84.81M
Helium(
HNT
)
$8.74
-0.23%-4.89%+2.46%$1.26B$22.33M
eCash(
XEC
)
$0.00
+0.47%-6.66%+46.11%$1.25B$24.79M
Bitget Token(
BGB
)
$0.89
+2.82%+0.79%-2.04%$1.25B$48.22M
Pyth Network(
PYTH
)
$0.83
-0.51%+20.46%+24.88%$1.24B$476.84M
Conflux(
CFX
)
$0.32
-1.87%-3.04%+9.39%$1.23B$85.75M
WhiteBIT Coin(
WBT
)
$8.50
0.00%-0.35%+2.54%$1.22B$10.64M
NEO(
NEO
)
$17.04
-0.29%-2.12%+6.88%$1.20B$49.37M
1
2
3
4
...
101
