Bitcoin's price has slipped below the $70,000 mark after being rejected at a local peak of $71,800, leading a broader market correction. The primary cryptocurrency's market capitalization now stands at approximately $1.390 trillion, with its dominance over altcoins declining to below 57%.
Most major altcoins followed Bitcoin into the red. Ethereum (ETH) is fighting to hold the $2,000 level, while BNB, XRP, LINK, SOL, and ADA all posted losses. Chainlink (LINK) saw the most significant decline among larger-cap altcoins.
Internet Computer (ICP) and Pi Network (PI) were notable exceptions, posting gains against the market trend. ICP surged 12% to around $2.7, a move attributed to a new listing on the Upbit exchange. The PI token also gained approximately 6%, pushing its price to nearly $0.23.
The overall crypto market cap decreased by roughly $50 billion in a day to $2.450 trillion. The market sentiment remains cautious, influenced by ongoing geopolitical tensions in the Middle East, which previously triggered a dip to $65,600, and recent U.S. economic data.
Bitcoin found some support from in-line U.S. inflation figures. The February Consumer Price Index (CPI) matched expectations at 2.4% year-on-year, providing modest relief for risk assets. Concurrently, a confirmed emergency release of 400 million barrels of oil by the International Energy Agency (IEA) helped cool oil prices, a key inflation risk factor.
Analysts are divided on the near-term trajectory. Michaël van de Poppe suggested a potential "breakout upwards" this month, while trader Lennaert Snyder is watching for a potential move toward $65,000 to sweep liquidity. Crypto market liquidations over the past 24 hours totaled $240 million, with short positions slightly outweighing longs.
