Bitcoin hit $73,000 in Asian trading this morning, but honestly, the rebound feels more like relief than a real trend. Ethereum continues to struggle with that $2,000 level that everyone watches as if it were a concrete wall. XRP, Solana, and Cardano rose a couple of points, but Doge fell slightly. The pattern is typical: you go up a little, trapped investors sell to limit losses, and then you go back down.

What catches my attention is that major holders are sending Bitcoin to exchanges in record volumes. That usually precedes larger sales, so I don’t know if they will gain or not return to the levels we expect. Analysts warn that we could be in the final scenario of the 2022 bear market, where everything consolidates for months before any real movement.

Geopolitics also doesn’t help. Tensions between the United States and Iran, gold rising close to $5,000 an ounce, Trump talking about nuclear negotiations... all of that keeps investors in defensive mode. The Federal Reserve sounded more aggressive in its latest minutes, so the dollar is strengthening, which complicates risk assets gaining traction. U.S. stocks softened, and money moved into short-term Treasury bonds.

Wall Street analysts are lowering their forecasts for cryptocurrency trading platforms. Volumes are falling, token prices are at their lowest since late 2023. Ethereum is on a support line dating back to 2020, but it would need to break below $1,500 to confirm something more serious. For now, everything depends on whether spot demand can surpass sellers waiting for the next round numbers.