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.
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About the Author
Author
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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.
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