Rachael Lucas, a crypto analyst at BTC Markets, told Cointelegraph that Bitcoin reclaiming $70,000 was itself a catalyst for the sentiment shift. She described it as a meaningful resistance level whose recovery "reignites the fear of missing a move" when it appears on price alerts and social feeds. Lucas cited additional tailwinds including a pullback in oil prices, progress on stablecoin regulation, and consistent institutional flows through
ETFs.
Ryan McMillin, chief investment officer at Merkle Tree Capital, pointed to Bitcoin's resilience through recent geopolitical tension and ongoing institutional buying as contributing factors. Strategy purchased nearly 18,000 Bitcoin last week and made a second purchase earlier this week. McMillin noted that with inflation cooling and a new Fed chair expected within months, conditions were shifting against short sellers. "Shorts are vulnerable;
liquidity on the short side could get squeezed toward $80,000 before a true higher/lower decision point," he said.
Despite the improvement in social sentiment, the Crypto
Fear and Greed Index remained at 25 as of Wednesday, still within Fear territory. The index draws on Bitcoin volatility, market momentum, social media activity, dominance, and Google Trends data. Google Trends scores for "Bitcoin" stood at around 71 as of Wednesday, down from a peak of 100 on March 5.
McMillin described the technical setup as constructive, noting that five consecutive months of declines from October’s $126,000 all-time high had left Bitcoin heavily oversold. Lucas added that
on-chain data offered additional encouragement, with funding rates resetting and ETF inflows remaining steady. "That's a different foundation to previous FOMO cycles that were driven largely by retail leverage," she said, though she cautioned that any escalation of geopolitical tension reversing the oil pullback could shift sentiment just as quickly.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
