 ▲ Bitcoin (BTC), Dogecoin (DOGE), Cryptocurrency Decline / ChatGPT-Generated Image |
Bitcoin (BTC) failed to break past the $70,000 threshold and is now facing downward pressure, while major altcoins including XRP and Pi Network have plunged in tandem, spreading fear across the market.
According to cryptocurrency media outlet CryptoPotato on February 16 (local time), Bitcoin attempted to reclaim the psychologically significant $70,000 resistance level but was blocked by strong selling pressure. Although Bitcoin briefly moved above $70,000, it quickly retreated and is currently trading around $68,000. As Bitcoin’s upward momentum stalled, the rebound seen in the altcoin market over the past week has rapidly weakened.
Following Bitcoin’s decline, major altcoins have also dropped sharply across the board. XRP fell from around $1.70 to below $1.50, struggling to regain strength. Dogecoin (DOGE) plunged more than 12% in a single day on the 16th as disappointed investors rushed to sell. The decline of large-cap assets has triggered a chain reaction of liquidations in the derivatives market, further amplifying market volatility.
Pi Network has been one of the hardest-hit assets in the current downturn. After posting a steep recent rally, Pi Network recorded an approximately 23% plunge amid heavy short-term profit-taking. Bitcoin’s failure to firmly establish itself above $70,000 appears to have dealt a critical blow to altcoins that had attracted speculative demand.
Other major altcoins, including Solana (SOL) and Cardano (ADA), also suffered losses exceeding 5%. The total cryptocurrency market capitalization has contracted significantly, with hundreds of billions of dollars wiped out alongside Bitcoin’s decline. Investors are maintaining a cautious stance, closely watching whether Bitcoin can defend the $68,000 support level.
Market attention is now shifting to whether Bitcoin can prevent further declines and whether altcoins will begin forming a bottom. If Bitcoin fails to break back above $70,000 in the short term, the bearish trend in the altcoin market is expected to persist. Declining trading volumes on major exchanges and a reduction in open interest are key indicators that investor sentiment has cooled sharply.
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