Altcoins News
By Maheen Hernandez
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Bitcoin shot to $70,125 on Coinbase late Monday night, marking a wild climb before hitting serious resistance around the same levels traders saw back on February 25.
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Crypto analyst 'Bull Theory' called it an "insane reversal" in the markets, pointing out how fast things shifted from pure fear after US futures opened Sunday night.
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Stock and crypto markets both bounced hard.
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Despite all the geopolitical mess brewing in the Middle East, Bitcoin pretty much ignored traditional safe-haven plays and did its own thing.
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Analyst 'CrediBull Crypto' made a pretty solid point about panic-selling, saying it typically leads to people dumping at the worst possible moment.
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But here's where things get interesting. CryptoQuant's 'Moreno' noticed something different about sell-side pressure - it's basically disappeared.
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The market rally brought some wild sentiment swings too. Santiment reported a huge surge in positive vibes, even as Bitcoin was grinding toward $65,000 earlier in the day.
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Crypto market cap jumped 2.6% to $2.42 trillion, mostly thanks to Bitcoin dragging everything higher.
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And the geopolitical stuff? Still a wildcard for future moves.
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Santiment's data showed something pretty weird happening with social sentiment. As Bitcoin approached those critical resistance levels around $70K, discussions about the…
11 / 15
Bitcoin and Ethereum led the charge, but most altcoins barely moved. Shows you how much Bitcoin still controls the overall market direction.
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'Bull Theory' hammered home the psychology angle during these volatile periods. "It's crucial to recognize how quickly sentiment can change," the analyst said on March 3.
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CryptoQuant's data from the same day showed Bitcoin transfers to exchanges actually decreased, which is usually what happens before people sell.
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Ethereum hitting $2,000 was significant because it marked a recovery from previous declines.
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March 2's market activity got even more interesting when Santiment reported that "huge surge in positive sentiment" happened right as Iran tensions were heating up.
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