I noticed an interesting situation in the market over the past few hours. Bitcoin yesterday attempted to break above 70,000 but pulled back to 68,300 — nearly a 5% fluctuation during the session. This was the most serious attempt to return to this level since the February crash, but it failed to break through the resistance.

But what’s really interesting is that altcoins performed much better at this moment. Ethereum gained 8.5%, Solana jumped 6.9%, Cardano overall increased by 10.8%, and Dogecoin added 8.3%. Meanwhile, Bitcoin only rose by 4.3% — one of the most modest results among the top assets. Such a spread usually indicates that traders are once again chasing more risky assets. It looks like rotation is in action — when capital flows from the main asset into more volatile tokens.

The macro environment remains unclear, to be honest. Nvidia reported better-than-expected earnings, but that didn’t support a rise in stocks. The tech sector cooled off, and crypto is following suit. Plus, stablecoins are stagnating, which analysts call a significant obstacle to further growth. If we break below 60,000, there’s a risk of falling to the 55,000 range or even lower amid cascading liquidations.

In short, there’s a short-term rebound, but the medium-term trend remains uncertain. The gap between what’s happening now and the overall picture is still significant.