Cryptocurrency prices firmed during the Friday morning session in Asia, with bitcoin rising to $68,000 after a hectic week that tested nerves in risk markets.
The rebound was wide. XRP, Solana SOL, and Cardano’s ADA rose as much as 2%, while ether lagged behind with a small drop, hovering below $2,000 as traders treated the level as a line in need of defense rather than celebration.
The move had the feel of a relief recovery rather than a clean turnaround. After weeks of wild swings, the market has begun to react in waves. A quick push higher attracts buyers on dips, 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 bounce has seemed a little less fragile, suggesting that forced selling is easing even if conviction buying has not returned in size.
Macro and geopolitics are doing their part to keep traders cautious. Gold stabilized near $5,000 an ounce after two sessions of gains as investors priced in rising risk from the Middle East.
US President Donald Trump said on Thursday he would allow 10 to 15 days for talks on a nuclear deal with Iran as US forces reportedly build up in the region. That combination has supported haven demand and made it difficult for risk assets to gain momentum.
FxPro Chief Market Analyst Alex Kuptsikevich called the broader context bearish. He said that given past market dynamics and the more cautious tone of US stocks, the odds increase that local lows will be retested, targeting levels last seen in the second half of 2024.
As for ether, he said the token is sitting on a long-standing support line that dates back to 2020 and aligns with the $2,000 area, but added that a true breakout would need confirmation via a drop below recent lows around $1,500.
Beneath the surface, some indicators hint that large holders may be positioning themselves to sell hard. CryptoQuant says bitcoin inflows from large holders to Binance have reached record levels, a pattern that may precede increased spot supply.
Research shop K33 has compared current conditions to the late stages of the 2022 bear market that ushered in a long, grueling consolidation.
The result is a market that may bounce, but struggles to turn the bounces into a trend until spot demand outstrips sellers waiting for the next round number.
