Bitcoin Rejected at $70K, Altcoins Tumble in Market Pullback

Bitcoin’s attempt to sustain a rally above the $70,000 psychological barrier ended in rejection, with the asset pushed south to find support around $68,000. This marks a significant reversal from its weekend highs and caps a period of intense volatility that began earlier in the month. The primary cryptocurrency had previously plummeted to a 15-month low of $60,000 on February 6, representing a staggering $30,000 loss in under two weeks. The subsequent recovery saw BTC rocket by $12,000 to a peak of $72,000, but this level proved to be a formidable resistance point.

Following its rejection at $72,000, Bitcoin entered a phase of sideways trading, oscillating between $72,000 and $68,000. This consolidation was broken mid-week when the lower boundary gave way, pushing the price briefly under $66,000. A bullish intervention prevented a further decline, sparking a recovery that culminated in the weekend’s push above $70,000. However, the failure to hold these gains has left Bitcoin trading below $69,000, with its market capitalization declining to $1.375 trillion. Notably, Bitcoin’s dominance over the altcoin market has remained steady at 56.6%, indicating the pullback is a broad market phenomenon rather than a sector rotation.

The rejection at Bitcoin’s key resistance level triggered a widespread downturn across the altcoin market. Ethereum, the second-largest cryptocurrency, was quickly rejected at the $2,100 level over the weekend and now struggles to maintain the psychologically important $2,000 support. Ripple’s XRP experienced a particularly sharp reversal, skyrocketing to over $1.65 before being stopped and pushed south to under $1.50. This volatility highlights the sensitivity of major altcoins like ETH and XRP to Bitcoin’s price movements and overall market sentiment.

Dogecoin, which had been the top gainer among larger-cap assets, reversed course dramatically to become one of the worst performers, declining 9% in 24 hours to trade at $0.10. The sell-off extended beyond the major names, with significant losses recorded for privacy-focused coins Monero (XMR) and Zcash (ZEC), as well as assets like Wrapped LFI (WLFI) and Mantle (MNT). Pi Network’s native token faced what the source text describes as a ‘violent rejection,’ falling from over $0.20 to just over $0.17. This broad-based decline underscores the correlated nature of cryptocurrency markets during periods of risk-off sentiment.

The collective downturn has resulted in a substantial contraction of the total cryptocurrency market capitalization, which lost $70 billion in a single day to stand at $2.425 trillion. This sharp decline illustrates the market’s fragility following a rapid recovery from February’s lows. The fact that Bitcoin’s dominance held steady at 56.6% amidst this sell-off suggests that capital is exiting the crypto space broadly rather than shifting between Bitcoin and altcoins.

The current market action serves as a reminder of the extreme volatility inherent in digital asset markets. The rapid $12,000 recovery from the $60,000 low, followed by the failure to hold the $70,000 level, creates a trading range with clear resistance near $72,000 and support being tested in the mid-$60,000s. For altcoins, the rejection at key levels—$2,100 for Ethereum, $1.65 for XRP, and $0.20 for Pi Network’s token—establishes new technical hurdles for any future rallies. Investors are now left to gauge whether this is a healthy correction within a broader uptrend or the beginning of a more sustained downtrend, with all eyes on Bitcoin’s ability to defend its recent support zones.