Bitcoin rejects $70,000: What’s next for BTC and Altcoins?

Bitcoin Hits Resistance as Altcoins Take the Lead

The crypto market is showing fascinating signs of divergence. Bitcoin (BTC) touched the psychological barrier of $70,000 — its highest level since the beginning of the month — before retracing to the $68,300 zone. This “pump and fade” movement contrasts sharply with the explosive dynamics of altcoins.

Indeed, traders appear to be abandoning Bitcoin’s relative safety to chase yields on higher-beta assets. Cardano (ADA) is soaring by over 10%, while Ethereum (ETH) and Solana (SOL) are posting gains between 6% and 9% on the day. This altcoin outperformance suggests that the forced selling pressure that weighed down the market in early February is finally beginning to dissipate.

Daniel Reis-Faria, CEO of ZeroStack, analyzes this movement as a clear signal of returning risk appetite:

“Forced selling is fading. The fact that altcoins are outpacing Bitcoin indicates a capital rotation typical of healthy recovery phases.”

Technical Analysis: Can BTC Hold $68,000?

From a charting perspective, the rejection at $70,000 is significant. This level acts as a major resistance with a 16-hour order block. The failure to break through cleanly triggered an immediate pullback, but the market structure remains constructive for now as long as the $66,000 – $68,000 support is defended by the bulls. However, this swing failure correlated with the CVD turning positive on the daily timeframe calls for caution. The local top has a high probability of being found here.

For altcoins, the setup could take a similar turn. Indeed, Solana liquidated its previous high at $92 before reintegrating the range. This corresponds to a “swing failure” in range trading, and a potential short signal.

The momentum indicators (RSI) on shorter timeframes are starting to heat up for altcoins, signaling strong buying pressure, while Bitcoin appears to be entering a phase of sideways compression. If BTC manages to stabilize above $68,000, this could provide the ideal foundation for a continuation of the altcoin rally.

Does This Rotation Signal a New “Altseason”?

Everything will depend on the daily closes and the weekly close in the coming days. The current divergence, where BTC stagnates while the rest of the market explodes, is often a precursor to a prosperous period for altcoins. However, this scenario has never really materialized over the past 2 years.

Caution remains warranted. The overall market remains correlated to tech indices and macroeconomic news. A failure by Bitcoin to hold its immediate supports could quickly invalidate the bullish structure of altcoins. Traders will therefore closely watch the weekly close: confirmation of Ethereum and Solana’s strength against Bitcoin could well kick off a new bullish leg for the spring.

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