Systems of fixpoint equations over complete lattices, consisting of (mixed) least and greatest fixpoint equations, allow one to express many verification tasks such as model-checking of various kinds of specification logics or the check of coinductive behavioural equivalences. In this paper we develop a theory of approximation for systems of fixpoint equations in the style of abstract interpretation: a system over some concrete domain is abstracted to a system in a suitable abstract domain, with conditions ensuring that the abstract solution represents a sound/complete overapproximation of the concrete solution. Interestingly, up-to techniques, a classical approach used in coinductive settings to obtain easier or feasible proofs, can be int...