Weekend Crypto Market Update: Bitcoin Reclaims $70,000 as Ethereum and XRP Jump 7%

▲ Bitcoin (BTC), Ethereum (ETH), and XRP / ChatGPT-generated image ©

Bitcoin (BTC) has reclaimed the $70,000 level, opening the weekend session with strong momentum, while buying interest has spread across the altcoin market, signaling a revival in short-term risk appetite.

As of 8:40 p.m. KST on February 14, data from CoinMarketCap shows that the total cryptocurrency market capitalization rose 4.92% over the past 24 hours to $2.4 trillion. The Fear & Greed Index remains in the “Extreme Fear” zone at 11, yet prices are rebounding in a paradoxical move. The average cryptocurrency RSI stands at 60.56, approaching overbought territory.

Bitcoin is trading at $70,237.51, up 5.00% over the past 24 hours. Its weekly gain reached 3.53%, indicating a break from the short-term downtrend. Market capitalization expanded to $1.40389 trillion, with 24-hour trading volume totaling $37.81567 billion. Buying momentum formed after the recent slowdown in U.S. January Consumer Price Index (CPI) data has continued, allowing Bitcoin to reclaim the key psychological resistance level of $70,000.

Altcoins are also posting strong gains. Ethereum (ETH) rose 7.47% over 24 hours to $2,100.80, while XRP climbed 7.46% to $1.46. Solana (SOL) gained 8.48%, Dogecoin (DOGE) advanced 6.60%, and Bitcoin Cash (BCH) increased 7.50%, reflecting broad buying across major tokens. The Altcoin Season Index stands at 29, still indicating Bitcoin dominance, though altcoins are showing relatively stronger short-term momentum.

The weekend rebound appears to be driven by renewed risk appetite following easing inflation, as well as the liquidation of large short positions built up during the recent sharp decline. The rise in prices despite the Fear Index remaining at extreme levels suggests that excessive pessimism may have signaled a short-term bottom.

However, with the average RSI surpassing 60, signs of overheating are emerging. If Bitcoin fails to hold above $70,000 and retreats again, short-term profit-taking pressure may intensify. Conversely, a breakout above $72,000 accompanied by strong trading volume could open the door for a further rally toward the $75,000 range. Increased volatility is also possible as U.S. markets reopen after the weekend.

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