Major cryptocurrencies are softening even as Asian equity markets post modest gains, with traders navigating renewed quantum computing concerns, shifting ETF positioning and questions about whether bitcoin’s broader trend is turning lower.

Bitcoin (BTC) has slipped back under $68,000 after failing to sustain a move above $70,000 earlier in the week. The attempted breakout quickly met selling pressure, sending the price toward $67,000. By early Wednesday, bitcoin was hovering near $68,000 — largely unchanged on the day but now trading below what had recently acted as short-term support.

That breakdown carries technical significance. The $68,000–$70,000 range had served as a floor through much of early February. Losing that band increases the likelihood that rallies will be sold rather than extended. A decisive move below $67,000 could open the path toward $65,000, with $60,000 as a potential next support level.

Over the past seven days, bitcoin, ether and BNB have each fallen by as much as 3%. Meanwhile, smaller-cap tokens such as Zcash’s ZEC and Cosmos’ ATOM have advanced up to 20%. Still, history shows that sustained altcoin strength is difficult when large-cap tokens are under pressure.

“The decline of the largest coins is an ominous sign for smaller ones, as it may soon pull them down with it at an accelerated pace,” said Alex Kuptsikevich, chief market analyst at FxPro.

On-chain data from CryptoQuant indicates the market has entered a stress phase but has not yet experienced the heavy realized losses typically seen at a definitive cycle bottom. That suggests the current unwind may not be complete.

Adding to investor caution, quantum computing risks have resurfaced in market discussions. While some worry about long-term implications for cryptographic security, developers continue to argue that any meaningful threat remains years away.

In protocol governance debates, Adam Back, CEO of Blockstream, criticized a proposed BIP-110 update aimed at curbing network spam, warning that altering transaction standards could create reputational risks.

Institutional flows are also evolving. Harvard University’s endowment reduced its bitcoin ETF exposure by more than 20% in the fourth quarter, though it remains the endowment’s largest publicly disclosed crypto position.

Outside the crypto market, Asian equities advanced in thin Lunar New Year trading. The MSCI Asia Pacific Index rose 0.6%, led by gains in Japan, while U.S. futures edged higher after recent AI-driven volatility cooled.

For bitcoin, the technical outlook remains pivotal. A sustained reclaim of $70,000 would restore bullish momentum. Another failure at that level could strengthen expectations of a deeper retracement.