Bitcoin Holds Above $114,000 Amid Strong Market Demand
Bitcoin (BTC) is trading above $114,000. This rise is driven by growing interest from retail and institutional investors. Ethereum (ETH) has increased for five days in a row, staying above $4,400. Ripple (XRP) remains steady near the $3.00 mark, supported by strong buying signals.
Investors expect the US Federal Reserve to cut interest rates on Wednesday. This move could boost risk-taking, benefiting cryptocurrencies and stocks.
Bitcoin and Ethereum ETFs See Large Inflows
Bitcoin spot ETFs saw a big increase in daily net inflows, reaching $757 million on Wednesday. This shows strong interest from institutions ahead of the expected Fed rate cut.
Ethereum spot ETFs in the US also gained about $172 million mid-week. BlackRock’s ETHA ETF led with $75 million, followed by Fidelity’s FETH with nearly $50 million.
XRP futures open interest rose to $8.15 billion on Thursday, up from $7.37 billion on Sunday. This suggests growing confidence in XRP’s recovery after hitting a record high of $3.66 on July 18.
Technical Outlook: Bitcoin Eyes $120,000 Breakout
Bitcoin is holding above $114,000 as buyers aim for a breakout at $120,000. The MACD indicator shows a buy signal since Sunday, supporting a bullish trend.
The Relative Strength Index (RSI) has risen to 54 from 37 on September 1. This indicates stronger buying pressure. If profit-taking slows, the 50-day EMA at $112,974 could support the price. A deeper drop might find support at the 100-day EMA near $110,898.
Ethereum and XRP Maintain Key Support Levels
Ethereum stays above $4,400, supported by ETF inflows and a bounce from $4,230 last Saturday. The RSI at 54 shows steady momentum. The token is above important moving averages, including the 50-day EMA at $4,109 and the 100-day EMA at $3,663.
Ethereum’s next resistance levels are $4,500 and its recent high of $4,956 from August 24.
XRP holds above $3.00 and the 50-day EMA at $2.91. The MACD shows a buy signal since Monday, reinforcing a short-term bullish outlook. The RSI at 55 suggests bearish pressure is fading.
Traders should watch for any drop below the 50-day EMA, which could signal a pullback.
