Bitcoin Holds Above $114,000 as ETFs See Strong Inflows
Bitcoin (BTC) aims to continue its rise after hitting resistance near $116,500 on Monday. It remains above the important $114,000 level as demand from institutional investors grows. US-listed Bitcoin spot ETFs attracted around $149 million in net inflows on Monday, following $446 million gathered last week.
Ethereum (ETH) also saw a rebound in ETF inflows with $134 million on Monday. This lifted Ethereum’s total net inflows to $14.49 billion, with assets under management reaching $28.35 billion. Ethereum’s price recently rose above $4,000, improving its short-term outlook.
Meanwhile, retail interest in Ripple (XRP) is increasing. The futures market for XRP shows an open interest of $4.51 billion on Tuesday, up from a low of $3.49 billion on October 19. This rise hints at returning risk appetite among traders.
Technical Indicators Show Positive Signs for Bitcoin
Bitcoin trades above its 50-day Exponential Moving Average (EMA) at about $113,406. This EMA acts as strong support in daily charts. After being rejected near $116,000 on Monday, BTC gained momentum above this EMA, pushing past $114,000.
The Moving Average Convergence Divergence (MACD) indicator signals a buy since Sunday, supporting the upward trend. The Relative Strength Index (RSI) has increased to 53, showing more bullish momentum.
A close above $116,000 could confirm a short-term bullish trend. This would raise the chances of Bitcoin reaching above $120,000 as more investors join the market.
Ethereum and XRP Show Mixed Signals
Ethereum faced some selling pressure after failing to break $4,253 resistance on Monday. Its RSI is near 51 and trending down, indicating weaker buying strength. The 100-day EMA at $3,973 is likely to limit further losses. However, the MACD still shows a buy signal, supporting a potential rebound.
If Ethereum breaks above its 50-day EMA near $4,125, it could target $4,750 in the near future.
XRP is trading between its 200-day EMA support at $2.61 and 50-day EMA resistance at $2.68. The MACD gave a buy signal last Friday, and the RSI rose to 53, suggesting positive momentum. Traders should watch for support at $2.18 and $1.90 in case of a pullback.
