TLDR
- Bitcoin touched $70,000 but pulled back to $68,300, failing to break a key resistance level.
- Altcoins outperformed Bitcoin, with Cardano up 10.8%, Ether up 8.5%, and Dogecoin up 8.3%.
- Nvidia beat Q4 earnings estimates but shares gave back most gains in extended trading.
- Stablecoin supply stagnation and macro weakness remain obstacles for a sustained crypto recovery.
- A break below $60,000 in Bitcoin could trigger cascading liquidations toward $47,000.
Bitcoin briefly touched $70,000 on Wednesday before pulling back to around $68,300 in Thursday morning trading. The move represented a nearly 5% swing from the session high to the overnight low of $67,700.
It was the strongest attempt to reclaim $70,000 since the February 5 crash, but it did not result in a clean breakout.
Altcoins told a different story. Cardano led the top 10 with a gain of 10.8%, followed by Ether at 8.5%, Dogecoin at 8.3%, and Solana at 6.9%. Bitcoin’s 4.3% gain was one of the smallest among major tokens.
That kind of divergence usually points to returning risk appetite. Traders tend to rotate into higher-beta altcoins when they believe the worst of a selloff is over.
Daniel Reis-Faria, CEO of ZeroStack, said in an email: “The wave of forced selling is starting to clear out. Altcoins are outperforming again, and more of them are ahead of Bitcoin. That tells me we’re seeing a rotation.”
Nvidia Earnings Fail to Sustain a Rally
On the stock side, Nvidia reported Q4 earnings that beat Wall Street expectations on both profit and revenue. The results initially calmed fears around what some have called the “AI scare trade” that has weighed on markets this year.
But the gains did not hold. Nvidia shares gave back most of their post-earnings rise in extended trading, ending up just 0.2%. Nasdaq 100 futures slipped 0.3% after the report.
The S&P 500 had posted its second straight gain during regular trading on Wednesday. The Nasdaq Composite and Dow Jones Industrial Average also finished in the green.
Salesforce fell roughly 5% in extended trading, continuing a slide that has seen the stock drop around 28% year-to-date. Technology and software stocks had otherwise led the rebound during regular hours, with Oracle and all members of the Magnificent Seven posting gains.
President Trump, speaking during his State of the Union address, said he expects Big Tech to cover a growing electricity bill from data centers.
Macro Conditions Still Weigh on Crypto
Market maker Wintermute noted that cryptocurrencies have been losing ground alongside tech stocks as capital moves into defensive and tangible assets.
Crypto finance platform Matrixport flagged stagnation in stablecoin supply as an obstacle for Bitcoin. Onchain data firm Glassnode said broader liquidity could take six months or more to recover.
Cryptoquant data shows selling has slowed on Binance, which supports the case for a short-term bounce. However, crypto exchange Bitrue warned that a break below $60,000 could push Bitcoin toward $50,000–$55,000, or even $47,000 if liquidations accelerate.
Investors will also watch weekly jobless claims on Thursday and January’s producer price index on Friday. Earnings are due from Dell Technologies, Warner Bros. Discovery, and CoreWeave.
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