Bitcoin $70K retracement part of ‘macro correction’ in bull market

While Bitcoin may experience a retracement to $70,000, this remains part of an organic “correction within a bull market,” Nansen analysts told Cointelegraph.

Bitcoin’s potential retracement to $70,000 may be an organic part of the current bull market, despite crypto investor concerns of an early arrival of a bear market cycle.

Bitcoin (BTC) fell more than 14% during the past week to close around $80,708 after investors were disappointed with the lack of direct federal Bitcoin investments in President Donald Trump’s March 7 executive order that outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases.

Despite the drop in investor sentiment, cryptocurrencies and global markets remain in a “macro correction” as part of the bull market, according to Aurelie Barthere, principal research analyst at the Nansen crypto intelligence platform.