Bitcoin and the broader cryptocurrency market opened Friday under pressure, with most major tokens posting losses over the past 24 hours as traders reduced risk exposure following Nvidia’s earnings-driven pullback.

Bitcoin was trading around $67,766 at the time of writing, down 1.5% on the day but still holding a modest 0.6% gain for the week. Ethereum mirrored the move, slipping 1.5% to just above $2,047. Both assets remain confined to the trading range established after the Feb. 5 crash, with Wednesday’s push toward $70,000 marking the upper boundary and this week’s lows near the midpoint.

Analysts say the decline reflects a leverage unwind rather than a structural trend reversal. Hourly charts turned positive Friday morning, suggesting much of the overnight selling has already been absorbed by buyers.

“What we’re seeing is Bitcoin moving in line with broader risk assets,” said Daniel Reis-Faria, CEO of ZeroStack. “Nasdaq pulled back after Nvidia’s earnings, and crypto followed. Bitcoin spiked toward $70,000, and when equity momentum stalls, fast money tends to exit crypto just as quickly.”

Reis-Faria described the move as a positioning reset. “Leverage built up during the recent rally, and when stocks sell off, crypto is usually the first to be de-risked. Liquidity is tight, which keeps volatility elevated.”

On a weekly basis, the broader picture remains healthy. Cardano led major tokens with a 7% gain over seven days, followed by Solana at 5.5%, Ethereum at 4.8%, and BNB at 4.3%, all outperforming Bitcoin and suggesting that altcoin demand remains intact beneath short-term fluctuations.

XRP was the exception, falling 3.7% over 24 hours and slightly negative for the week at -0.1%, the only top asset to give back weekly gains despite facing the same macro pressures as its peers.

Macro conditions also provide context. Asian equities are tracking their strongest February since 1998, led by South Korean tech stocks, which have gained roughly 20% this month amid a rotation into AI infrastructure plays. The MSCI Asia Pacific Index is poised to outperform the S&P 500 for a third consecutive month, diverting capital from U.S. markets.

“From a crypto perspective, the story hasn’t changed,” Reis-Faria said. “We’re still trading within the same range. Until consistent new demand emerges, these back-and-forth moves will continue. Bitcoin behaves like a macro asset — when equities retreat, Bitcoin often follows.”