Bitcoin (BTC) hit a new all-time high above $70,000 on March 10th, 2024 before retracing toward $69,400. While the $80,000 level is now in sight, on-chain data suggests a near-term pullback could materialize first amid shifting investor sentiment.

The breakthrough above $70,000 was initially met with euphoria, but negative crypto media mentions have increased since then. This indicates many traders are cautious of a steep correction after such a pivotal resistance is cleared.

Analysis of key on-chain metrics points to two potential scenarios. A pullback to the $60,000 area seems more likely in the short term as investors book profits. This zone around $65,000 represents a major interest area where buyers could step in.

However, if Bitcoin ETF inflows remain robust this week, BTC could continue grinding higher. The $75,000 psychological level may provide hurdles, but $80,000 is the next upside target for the bulls.

Overall, while $80,000 is now in play after the $70,000 breakthrough, caution is warranted amid the negative sentiment shift. A consolidation or pullback could materialize before Bitcoin mounts a fresh charge toward its current rally's peak.