Bitcoin and Crypto Market Update
Bitcoin (BTC) is trading above $97,000 on Friday amid a bearish trend in the wider cryptocurrency market. Both institutional and retail demand remain weak. This makes it hard for Bitcoin to maintain a recovery. Altcoins like Ethereum (ETH) and Ripple (XRP) are also down, trading below $3,200 and $2.30, respectively. The total crypto market value fell 5.4% to $3.36 trillion in the last 24 hours, showing a cautious market mood.
Bitcoin and Ethereum ETF Outflows Rise
Institutional interest in Bitcoin is falling. US-listed Bitcoin spot ETFs saw about $870 million in outflows on Thursday, the largest since early October. Grayscale’s GBTC led outflows with $318 million, followed by BlackRock’s IBIT with $257 million and Fidelity’s FBTC with $200 million. Total ETF assets stand at $130.5 billion, with $59.3 billion in cumulative inflows so far.
Ethereum ETFs also faced outflows on Thursday, totaling nearly $260 million. The last ETH ETF inflow was on November 6, with $12.5 million. Ethereum ETFs have $20.3 billion in net assets and $13.3 billion in cumulative inflows.
Meanwhile, retail interest in XRP remains low. XRP futures Open Interest was $3.78 billion on Friday, slightly up from $3.67 billion but down from $4.17 billion on November 1. A rise in Open Interest is needed to support XRP’s short-term recovery and signal investor confidence.
Technical Analysis: Bitcoin and Altcoins Weaken
Bitcoin is trading slightly above $97,000 after a sell-off below $100,000 on Thursday. The 50-day EMA fell below the 100-day EMA on November 4, forming a “Death Cross” pattern. This signals a bearish trend. The Relative Strength Index (RSI) dropped to 32, showing increasing selling pressure. The MACD indicator gave a sell signal on November 3, encouraging investors to reduce risk. Support holds at $95,933, but a break could push Bitcoin toward $90,000.
Ethereum trades below the 50-day, 100-day, and 200-day EMAs, around $3,584 to $3,841. Its RSI is 33, nearing oversold zones. If the price closes below an RSI of 30, Ethereum might drop to $3,057, last tested on November 4. The MACD has shown a sell signal since November 3.
XRP trades near $2.28, with weak technical support and bearish sentiment. Its RSI is 42 and moving downward, indicating growing selling momentum. The key support is at $2.30; if broken, XRP could fall to $2.07, and further to $1.90 if selling continues.
