Bitcoin and the wider cryptocurrency market started Friday under pressure, with most major tokens posting losses over the past 24 hours as traders de-risked alongside equities following Nvidia’s post-earnings pullback.
At the time of writing, Bitcoin was trading near $67,766, down 1.5% on the day but still holding a modest 0.6% gain for the week. Ethereum followed a similar path, slipping 1.5% to just above $2,047. Both remain confined to the range established after the Feb. 5 crash, with Wednesday’s move toward $70,000 forming the upper boundary and this week’s lows sitting near the midpoint.
Analysts suggest the decline reflects a leverage unwind rather than a structural trend reversal. Hourly charts showed mostly green Friday morning, indicating buyers have already stepped back in after overnight selling.
“What we’re seeing is Bitcoin moving in line with broader risk assets,” said Daniel Reis-Faria, CEO of ZeroStack. “Nasdaq fell following Nvidia’s earnings, and crypto followed. Bitcoin surged toward $70,000, and when equity momentum stalls, fast money exits crypto just as quickly.”
Reis-Faria described the pullback as a positioning reset. “Leverage had built up during the rally, and when stocks sell off, crypto is often the first to be de-risked. Liquidity remains tight, keeping volatility elevated.”
On a weekly timeframe, the picture remains constructive. Cardano led major tokens with a 7% gain, followed by Solana at 5.5%, Ethereum at 4.8%, and BNB at 4.3%, all outpacing Bitcoin and signaling that underlying altcoin demand is intact.
XRP was an outlier, down 3.7% over 24 hours and slightly negative for the week at -0.1%, the only major token to give back weekly gains despite facing the same macro pressures.
Macro conditions provide further context. Asian equities are on track for their strongest February since 1998, led by South Korean tech stocks, which have rallied roughly 20% this month amid a rotation into AI infrastructure plays. The MSCI Asia Pacific Index is set to outperform the S&P 500 for a third consecutive month, drawing capital away from U.S. markets.
“From a crypto standpoint, the story hasn’t changed,” Reis-Faria said. “We’re still trading in the same range. Until consistent new demand appears, these short-term swings are likely to continue. Bitcoin behaves like a macro asset — when equities retreat, Bitcoin often follows.”
