Bitcoin Nears $120,000 as Bulls Take Control
Bitcoin (BTC) traded above $118,000 on Thursday. Buyers pushed the price close to the key $120,000 level. Altcoins like Ethereum (ETH) and Ripple (XRP) also gained strength. This rise follows optimism about a possible 25-basis-point interest rate cut by the US Federal Reserve in October.
Strong ETF Inflows Support Bitcoin and Ethereum
Bitcoin spot ETFs saw large inflows this week. Data from SoSoValue shows US ETFs gained $676 million on Wednesday, $430 million on Tuesday, and $522 million on Monday. BlackRock’s IBIT ETF led with $406 million on Wednesday. Fidelity’s FBTC added $179 million, and Bitwise’s BITB had $59 million. None of the 12 ETFs reported outflows, showing growing demand.
Ethereum spot ETFs also saw steady inflows but at a lower level. On Wednesday, inflows totaled $81 million for the third day in a row. BlackRock’s ETHA led with $26 million, Fidelity’s FBTC had $37 million, and Grayscale’s ETH added $14 million. None of the nine US Ethereum ETFs had outflows, signaling positive sentiment.
Demand for XRP derivatives is rising. Futures Open Interest (OI) hit a monthly low of $7.35 billion but averaged $7.83 billion recently, according to CoinGlass. Higher OI means more traders are opening long positions, showing confidence in XRP’s short-term uptrend.
Technical Outlook: Bitcoin and Altcoins Show Bullish Signs
Bitcoin reached an intraday high of $119,456 on Thursday but pulled back slightly. Support holds at $118,000. The Relative Strength Index (RSI) rose to 63, indicating growing bullish momentum. The Moving Average Convergence Divergence (MACD) also shows a buy signal since Wednesday. Traders remain optimistic but should watch for possible profit-taking near the 50-day and 100-day Exponential Moving Averages at $113,766 and $112,110.
Ethereum stays above its 50-day EMA at $4,222, supporting a positive outlook. Breaking resistance between $4,400 and $4,500 could push ETH toward its August 24 record high of $4,956. The RSI at 54 and a MACD buy signal back this view. A break above the descending trendline would confirm further gains.
XRP bulls control the market with support from key moving averages. The 50-day EMA at $2.92, 100-day EMA at $2.84, and 200-day EMA at $2.62 provide strong support. The RSI at 54 and a MACD buy signal add to the bullish case. A break above the descending trendline could lead XRP toward its record high of $3.66. Resistance at $3.18 may slow the rise if traders take profits early.
