Yesterday I saw Bitcoin attempt to break through $70K again but failed, and eventually fell back to around $65K. The US stock market on Friday was quite severely down, especially the Nasdaq which fell 0.3% and the S&P 500 which fell 0.4%, immediately dragging all risk assets including crypto. Nvidia also dropped 4.2% after its earnings report, so the positive momentum from last week was just gone.

What’s interesting is that altcoins actually fell even harder. Solana and Ether dropped by more than 6%, Dogecoin fell by around 5%, while XRP lost 4%. Only BNB held up somewhat better, down just 2.5%. All of their weekly gains were wiped out in two days. This is because leverage that entered during Wednesday’s rally was then completely dumped during the pullback.

The strange thing is that institutional data is actually still positive—US spot Bitcoin ETFs entered $1.1 billion over the past three days, but it turns out it wasn’t strong enough to offset larger macro pressures. The PPI data (producer prices) also came out hotter than the 0.5% expectation, making the Fed even more reluctant to cut interest rates. On top of that, there was a message from Block Inc. about large-scale PHK, increasing worries that AI is starting to replace jobs instead of creating them.

Exchange USDT reserves also dropped sharply from $60 billion to $51.1 billion in two months. If it falls below $50 billion, some people worry it could trigger massive sell-offs. Bitcoin is now stuck in the $60K-$70K range since last February, and it seems $70K has become a fairly strong resistance. The big question is whether support $60K can hold or will break down. For now, the market is still waiting for clearer macro signals before the next move.