Bitcoin and the broader cryptocurrency market retreated Friday, with most major tokens logging losses over the past 24 hours as traders continued to reduce risk alongside equities following a sell-off triggered by Nvidia’s financial results. Bitcoin was trading around $67,766 as of press time, down 1.5% on the day but still maintaining a 0.6% weekly gain.
Ethereum mirrored the movement, falling 1.5% in 24 hours to trade just above $2,047. Both remain confined to a narrow range that has defined price action since the February 5th slump, with Wednesday’s push towards $70,000 marking the upper limit and this week’s lows testing the midpoint.
The selling pressure, however, appears more akin to leveraged position liquidation than a structural breakdown. Hourly returns were generally positive Friday morning, indicating that much of the pullback occurred overnight and buyers have discreetly reappeared at these levels.
“What you’re seeing now is Bitcoin trading along with the broader risk market,” said Daniel Reis-Faria, CEO of ZeroStack. “The Nasdaq fell after Nvidia’s earnings, and crypto followed. Bitcoin quickly approached $70,000, and when momentum in stocks stalls, that quick money exits Bitcoin just as quickly.”
Reis-Faria views the move as a clearing of positions rather than a trend reversal. “A lot of leverage came back into the system with that bullish momentum, and when stocks start to sell off, crypto is generally the first place people de-risk. Volatility is elevated given that liquidity is thin across the board.”
Looking at the weekly chart, the outlook is considerably more robust. Cardano led major assets with a 7% gain over seven days. Solana added 5.5%, Ethereum 4.8%, and BNB 4.3%, all outpacing Bitcoin’s relatively modest weekly performance and suggesting continued appetite for altcoins beneath the surface volatility.
XRP was the notable exception, falling 3.7% in 24 hours and the only major asset in the red on a 7-day basis, down 0.1%. This underperformance stands out given that most altcoins absorbed the same adverse macroeconomic conditions without surrendering weekly gains.
The broader macroeconomic context provides perspective. Asian stocks are on track to record their best February since 1998, driven by South Korean technology companies, which have risen approximately 20% this month as investors rotated into bets on AI infrastructure. That rally has diverted capital from U.S. Markets, with the MSCI Asia Pacific index poised to outperform the S&P 500 for the third consecutive month.
For cryptocurrencies, the guiding line remains the same as it has been for weeks. “We’re still in the same range we’ve been in,” Reis-Faria said. “Until we see new, consistent demand, these moves will continue to happen. Bitcoin is trading as a macro asset. When stocks pull back, Bitcoin pulls back.”
