Bitcoin’s push toward $70,000 fizzled out, as a combination of firm inflation data and weakness in U.S. equities pulled risk assets lower heading into the weekend.

After briefly reclaiming momentum earlier in the week, Bitcoin retreated to $65,735 in early Asian trading on Saturday. The move left the token down roughly 3% over 24 hours and nearly 3% on the week, erasing much of Wednesday’s advance that had brought prices within reach of the $70,000 mark.

Altcoins posted steeper losses, reversing what had been a stretch of relative outperformance. Solana slid 6.7%, Ethereum dropped 6.2%, Dogecoin fell 5.1%, and XRP declined 4%. The broad pullback pushed most major tokens back into weekly losses. BNB proved comparatively resilient, shedding around 2.5%.

The downturn in crypto mirrored a softer close in traditional markets. On Friday, the S&P 500 finished 0.4% lower, the Nasdaq-100 lost 0.3%, and the Dow Jones Industrial Average fell 1.1%. Shares of Nvidia extended their post-earnings weakness, dropping another 4.2% as investors reassessed tech valuations.

A stronger-than-expected 0.5% rise in U.S. producer prices further dampened sentiment, signaling persistent inflationary pressure that could keep the Federal Reserve cautious on rate cuts. Meanwhile, sizable layoffs announced by Block, Inc. fueled concerns about broader economic softness and the potential labor impact of accelerating AI adoption.

Crypto once again amplified the moves seen in equities. Modest percentage declines in stock indexes translated into sharper sell-offs in digital assets, as leverage accumulated during Wednesday’s rally was unwound.

The reversal comes despite solid institutional demand earlier in the week. U.S. spot bitcoin ETFs recorded $1.1 billion in inflows over three days, positioning them for one of their strongest weekly performances in months. Still, macro headwinds ultimately outweighed supportive fund flows.

On-chain indicators are also flashing caution. Data from CryptoQuant shows that Tether reserves on exchanges have declined from $60 billion to $51.1 billion over the past two months. The firm warned that a drop below $50 billion could heighten the risk of a sharper market correction.

In equity markets, shares of Strategy have climbed the ranks of the most shorted large-cap U.S. stocks, reflecting investor skepticism over the sustainability of its debt-funded bitcoin acquisition strategy.

Within the Ethereum ecosystem, some large holders have begun exiting positions at a loss. Digital asset firm ETHZilla announced it would discontinue its ether accumulation plan and shift focus toward tokenized real-world assets.

With bitcoin once again trading in the middle of the $60,000–$70,000 band that has contained price action since early February, the failed breakout reinforces resistance near $70,000. The focus now turns to whether support at the lower end of the range can hold as March unfolds.