The largest cryptocurrency briefly tried to reclaim the level on Monday, only to be pushed down toward $67,000 as sellers emerged around the breakout zone. It was trading near $68,000 early Wednesday, roughly flat on the day but now sitting under what had been short-term support.
That shift matters. The $68,000-$70,000 range had acted as a floor through the first half of February. Losing it increases the risk that rallies are sold rather than bought, and a clean break under $67,000 would put $65,000 and possibly $60,000 back in focus.
Bitcoin, Ethereum and BNB are all down as much as 3% over seven days, while smaller tokens such as Zcash’s ZEC and Cosmos’ ATOM have posted gains of as much as 20% in the past week. Historically, when majors lag, the rest of the market struggles to sustain upside momentum.
“The decline of the largest coins is an ominous sign for smaller ones, as it may soon pull them down with it at an accelerated pace,” said Alex Kuptsikevich, chief market analyst at FxPro, in an email.
On-chain analysts at CryptoQuant say the market has entered a stress phase but has not yet seen the kind of heavy loss realization that typically marks a definitive cycle bottom – suggesting the unwind may not be finished.
Adding to the unease, quantum computing has resurfaced in market conversations, with some investors questioning long-term cryptographic risk while developers push back on timelines that place meaningful threats decades away.
Meanwhile, Blockstream CEO Adam Back criticized a proposed BIP-110 update aimed at reducing spam on the network, arguing it could create new reputational risks by changing the rules around what transactions should be allowed, as CoinDesk noted.
Institutional flows are also shifting. Harvard’s endowment cut more than 20% of its bitcoin ETF exposure in the fourth quarter, though it remains the fund’s largest public crypto position.
Outside crypto, Asian equities advanced in thin Lunar New Year trading. The MSCI Asia Pacific Index rose 0.6%, led by gains in Japan, while US futures edged higher after recent AI-related turbulence cooled.
For bitcoin, however, the technical battle remains front and center. Reclaim $70,000 and momentum resets. Fail again, and the market starts pricing a deeper retracement.
