Traders’ optimism surges as energy shocks and geopolitical uncertainty dominate macro narratives.

Bitcoin (BTC) traders appear to be leaning optimistic in anticipation of a quick end to the war in the Middle East.

In fact, sentiment surrounding the world’s largest crypto asset surged back into FOMO territory after its market value briefly surpassed $70,000 on Tuesday, according to Santiment.

BTC FOMO Returns

Across social platforms, including X, Reddit, and Telegram, discussions reflect optimism, driven in part by comments from US President Donald Trump, who hinted that the war may soon end, as well as by the recent reversal in oil prices.

🤑 Bitcoin sentiment has jumped back into FOMO territory after its market value exceeded $70K Tuesday. Across X, Reddit, Telegram, and other crypto-related discussions, the crowd is encouraged by Trump’s comments that the war may soon end, and oil prices reversing course. pic.twitter.com/S21cXOUM0F

— Santiment (@santimentfeed) March 10, 2026

Despite the heightened market sentiment, on-chain activity shows signs of cooling. Crypto analyst Axel Adler Jr. found that the 30-day average of Bitcoin transfer volume has declined compared with both one month and one quarter ago. This evidences a temporary slowdown in short-term momentum.

However, transfer volume remains above its 365-day average and significantly higher than levels seen six months ago, which potentially means that while network activity has slowed from previous highs, there is no structural breakdown, and the broader trend in Bitcoin usage and movement remains high.

Geopolitical Tensions

This week’s rebound in risk assets such as Bitcoin has coincided with volatility in oil markets and changing expectations about the duration and impact of the Iran conflict.

You may also like:

Amid these macro developments, experts believe that BTC remains within a clearly liquidity-driven structure. In a statement to CryptoPotato, analysts at Bitunix said that derivatives liquidation distributions show a dense concentration of short liquidation zones between approximately $70,000 and $74,000 above current price levels, while leveraged long liquidity remains clustered near the $65,000-$66,000 range below.

After the latest recovery, the analysts said that BTC has entered sideways consolidation, suggesting that short-term price action remains dominated by liquidity sweeps both above and below.

“Overall, with energy shocks and geopolitical uncertainty continuing to dominate the macro narrative, the crypto market has yet to form a unilateral trend structure. Capital currently appears more inclined to engage in short-term liquidity positioning between dense liquidation zones.”