Bitcoin sentiment turned sharply bullish after the price moved back above $70,000, but another long term chart shows past cycle bottoms formed only after much deeper declines. Together, the two signals point to rising optimism in the short term while keeping focus on the risk of a larger pullback. Bitcoin sentiment enters FOMO zone as price retakes $70K Santiment said Bitcoin sentiment moved back into “FOMO territory” after BTC climbed above $70,000 on Tuesday. The chart shows a rise in positive commentary across X, Reddit, Telegram, and other crypto discussions, while the positive to negative sentiment ratio pushed above the marked crowd greed threshold. At the same time, the chart labels this move as the third highest bullish bias reading of March, which suggests traders turned more optimistic as price broke through the $70K resistance area. Bitcoin FOMO Territory. Source: Santiment / X According to the image, Bitcoin traded in a range of roughly $64,400 to $74,700 between Feb. 28 and March 10, while sentiment swings closely tracked price shifts. When the sentiment ratio moved above the red dashed line, Santiment marked that area as a “FOMO Zone,” meaning crowd optimism had become elevated. In contrast, readings below the lower dashed line were labeled a “FUD Zone,” which pointed to periods of heavier fear. Here, the latest move stands out because optimism rose just as BTC reclaimed the $70K level and briefly challenged the low $72,000 area. Santiment linked the mood shift to market reaction around Trump’s comments that the war could end soon, along with easing oil prices. That combination appears to have improved risk appetite in crypto discussions. However, the chart also shows that strong bullish sentiment has often appeared near short term price peaks earlier in the month. So while the break above $70,000 improved market mood, the sharp return of crowd optimism may also signal rising speculative behavior rather than a stable trend confirmation alone. Bitcoin 200 week EMA signals potential historical downside ranges Meanwhile, a long term Bitcoin chart shared by analyst TedPillows highlights how previous market bottoms formed below the 200 week exponential moving average. The chart shows that during the 2018 bear market, Bitcoin reached a bottom roughly 24 percent below the 200W EMA. Later, during the 2022 cycle low, the price dropped even further, reaching about 40 percent below the same long term indicator. Bitcoin 200 Week EMA Cycles. Source: TedPillows The 200 week EMA has historically acted as a key support level across Bitcoin market cycles. In earlier downturns, price first moved toward the indicator and later dipped below it before the market established a long term bottom. The chart marks these moments with highlighted circles, showing how price briefly broke beneath the moving average before eventually recovering and starting a new upward trend. According to the analysis, if similar historical patterns repeat, deeper corrections below the 200W EMA could signal areas where long term bottoms previously formed. In earlier cycles, Bitcoin did not simply touch the indicator but moved significantly below it before stabilizing. Because of that, the chart suggests traders continue watching the relationship between price and the 200 week EMA as a reference point for broader market structure.
