Bitcoin tried to reach $70,000 on Wednesday but fell back to around $68,300 – a classic failed breakout. But the real story was in the altcoins. Ether rose by 8.5%, Solana by 6.9%, Cardano even 10.8%, and Dogecoin added 8.3%. Bitcoin's 4.3% gain was actually quite modest compared to these.

This kind of divergence usually means traders are taking on more risk again. As Jeremy Wisten and other market analysts note, we see a rotation into higher-beta tokens as investors think the worst selling wave is over. The forced liquidations are starting to clear out.

The question is: how sustainable is this? The macroeconomic picture remains fragile. Stablecoin supply stagnates, posing an obstacle to further growth. Meanwhile, experts warn that if Bitcoin drops below $60,000, we could see liquidation chain reactions push it to $50,000-$55,000 or even $47,000. The rejection at $70,000 shows we’re not over the hill yet. Today, Bitcoin is around $73.92k, but that short-term rally doesn’t change the bigger uncertainty.