Bitcoin briefly approached $70,000 before pulling back to roughly $68,300, failing to clear a key resistance level on the rally.

Market dynamics and altcoin performance

During the episode several leading alternative tokens posted stronger gains than bitcoin, notably ether, solana, cardano and dogecoin, which outpaced bitcoin in the short term.

Price action indicated buying interest ahead of the $70,000 threshold, but profit-taking and selling pressure capped upside momentum and triggered the subsequent retreat.

Analysts’ assessment of medium-term risks

Market commentators point to an unstable macroeconomic backdrop and limited expansion in stablecoin supply as factors that could complicate bitcoin’s medium-term outlook.

They also warn that a drop below $60,000 could increase the risk of cascading liquidations and wider market volatility among leveraged positions.

Large ether holders trimming exposure

Several prominent ether holders have reduced their reserves in recent weeks, selling sizeable amounts of the second-largest cryptocurrency.

• FG Nexus sold 7,550 ETH for about $14 million, and in total disposed of 21,025 ETH at an average price of $2,649 per token.
• FG Nexus currently retains 30,094 ETH, valued at roughly $57.5 million.
• Forward Industries sold all 8,200 ETH for approximately $14.9 million, realizing a loss of $10.8 million.

Offsetting accumulation by other major buyers

Meanwhile, two large market participants increased their ether holdings during the same period, partially offsetting some of the selling pressure.

• BitMine acquired 179,322 ETH.
• Coinbase purchased 2,460 ETH.

Overall, the brief approach to $70,000 highlighted persistent buying interest, while concurrent selling by several large ether holders and macro uncertainties left the medium-term picture unresolved.