Crypto prices strengthened during Asia’s Friday morning session, with bitcoin rising towards $68,000 after a choppy week that tested nerves across risk markets.
The rejection was widespread. XRP, Solana’s SOL, and Cardano’s ADA added up to 2%, while ether limped along with a slight decline, hovering below $2,000 as traders treated the level as a line to be defended rather than celebrated.
The move had the feel of a relief rally more than a mere ride. After weeks of sharp fluctuations, the market has started to react in waves. A quick push higher attracts buyers, then selling appears as soon as the price reaches a level where trapped holders can exit with less pain. The difference this week is that each rebound has looked a little less fragile, suggesting that forced selling is easing, although conviction buying has not returned in size.
Macro and geopolitics do their part to keep traders cautious. Gold stabilized near $5,000 per ounce after two sessions of gains as investors priced in rising Middle East risk.
US President Donald Trump said on Thursday he would allow 10 to 15 days for negotiations on a nuclear deal with Iran as US forces reportedly built up in the region. This mix has supported demand in the garden and made it harder for risk assets to build momentum.
FxPro Chief Market Analyst Alex Kuptsikevich framed the broader backdrop as bearish.. He said that given the market’s past dynamics and the more cautious tone in US stocks, the odds are increasing for a retest of local lows, pointing to levels last seen in the second half of 2024.
On ether, he said the token is sitting on a long-term support line dating back to 2020 and is in line with the $2,000 area, but added that a true breakdown would require confirmation through a drop below recent lows around $1,500.
Beneath the surface, some indicators suggest that large holders may be selling for strength. CryptoQuant says bitcoin inflows from large holders to Binance have reached record levels, a pattern that may precede heavier spot supply.
Research shop K33 has compared current conditions to the later stages of the 2022 bear market that gave way to a long, grinding consolidation.
The result is a market that can bounce but struggles to turn rebounds into a trend until spot demand outgrows sellers waiting for the next round.
