Bitcoin reclaims $70,000 triggering FOMO sentiment, Santiment: BTC may迎 a new round of upward momentum

March 11 News: After Bitcoin’s price re-claimed the $70,000 level, market sentiment has significantly improved. The blockchain data platform Santiment pointed out that positive discussions about Bitcoin on social media are continuing to increase, and the market is gradually entering the typical “FOMO zone.” This shift in sentiment is closely related to recent comments from Trump suggesting that tensions in the Middle East may ease. The news spread rapidly across crypto communities on X, Reddit, Telegram, and other platforms, boosting investor confidence.

Santiment stated that amid increasing global uncertainty, investors tend to seek alternative assets. Cryptocurrencies, with 24/7 trading and independence from any single country’s financial system, usually reflect market sentiment changes more quickly. Previously, U.S. and Israeli airstrikes on Iran escalated tensions in the Middle East, followed by Iran’s retaliatory actions. However, Trump recently said the war might be “basically over,” which eased market risk sentiment.

Meanwhile, continued inflows of institutional funds have also strengthened market confidence. Ryan McMillin, Chief Investment Officer at Australian investment management firm Merkle Tree Capital, noted that Bitcoin has shown resilience amid geopolitical shocks. The ongoing accumulation by large institutions and the fact that prices have held above the February lows support the recent rebound. McMillin believes that short positions are currently fragile; if prices move higher, short liquidity could face squeeze near $80,000.

Despite rising market discussion, sentiment indicators remain cautious. The Crypto Fear & Greed Index is currently at 15, still in the “Extreme Fear” zone. Additionally, Google Trends data shows that the search interest for “Bitcoin” is around 71, below previous peaks. Analysts believe that if market sentiment continues shifting from fear to greed, new buying could enter the market, potentially driving short-term price increases.

It is worth noting that since reaching an all-time high of approximately $126,000 in October last year, Bitcoin has been in a correction phase for five consecutive months. Some analysts see this prolonged pullback as pushing the market into oversold territory, providing a technical basis for a potential rebound.