Yeliz Akmaca 
Bitcoin tested $70,000 but retraced to around $68,300. On the same day, Ether, Solana, and Cardano outperformed Bitcoin. The $60,000 level is once again a focus for liquidation risk.
Wednesday’s rally represented the strongest attempt since the sharp sell-off on February 5 to reclaim the $70,000 mark. However, no clear breakout occurred. This movement reflects not only a technical rejection but also the limited expansion of liquidity. Stablecoin supply remains stagnant; thus, significant new capital inflows are still not evident. Price attempts to move upward, yet underlying capital flows are not growing at the same pace.
Altcoin Strength Evident
While BTC slowed, altcoins showed a more vibrant performance. Ether rose about 8.5%, Solana gained 6.9%, and Cardano increased over 10%. Dogecoin also posted strong gains. Bitcoin’s roughly 4% increase was one of the lowest among the top 10 coins.
This divergence typically signals expanding risk appetite. After February’s forced selling, margin pressure eased, allowing investors to shift toward higher-beta assets. Market behavior shows a transition from Bitcoin-centered defensive positions to more aggressive plays, though it is not yet clear whether this marks a permanent trend change.
The macro picture remains complex. Global risk appetite is volatile. Technology stocks move in correlation with crypto assets. Especially, slowing momentum in AI-related equities strengthens cautious positioning toward risky assets, meaning crypto’s recovery is not fully independent of external conditions.
Why couldn’t Bitcoin surpass $70,000? Price could not rise sustainably due to limited liquidity and stagnant stablecoin supply. On the same day, altcoins such as Ether, Solana, and Cardano remained strong thanks to high-beta movements, signaling renewed investor appetite. Why is the $60,000 level critical? This threshold could trigger gradual liquidation and sell-off risks; if breached, price could drop toward $50,000–$55,000, or even $47,000. Short-term, slowing sell pressure supports a technical rebound, but medium-term fragility remains.
$60,000 Critical Threshold
Short-term risks remain present. On-chain analytics firm CryptoQuant reports that selling pressure on Binance has slowed recently, indicating reduced downside momentum and stronger odds of a short-term technical rebound.
However, Bitrue warns that if Bitcoin falls below $60,000, gradual liquidations could accelerate. In such a scenario, $50,000–$55,000 would be the first support range, with a potential move toward $47,000 if selling pressure intensifies.
In conclusion, the market exhibits two simultaneous dynamics. Short-term risk appetite in altcoins is rising, while medium-term fragility is tied to critical support levels. Bitcoin has yet to break through the $70,000 resistance; sustainable breakout requires not only technical momentum but stronger liquidity support. Upcoming changes in volume and capital flows will be decisive.
You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news and updates instantly.