Bitcoin and Altcoins Fall Amid Weak Investor Demand
Bitcoin (BTC) dropped nearly 3% on Monday, staying below $108,000. Bears are pushing the price down as risk-averse sentiment spreads across the crypto market. Other major coins like Ethereum (ETH) and Ripple (XRP) also declined due to broader economic concerns. Ethereum is holding just above $3,700, while XRP stays above its short-term support at $2.40.
ETF Outflows Signal Weak Retail Interest
Bitcoin spot Exchange-Traded Funds (ETFs) saw steady outflows last week. US-listed ETFs recorded about $192 million in outflows on Friday alone. This was the third day in a row with outflows, totaling $799 million for the week. Retail demand is low, and the Bitcoin futures market shows falling interest levels. Open Interest (OI) in Bitcoin futures dropped to $70 billion from $94 billion in October. If investors keep reducing risk, Bitcoin could fall toward $102,000, its support from October.
Ethereum ETFs also faced outflows, with $98 million withdrawn on Friday. Outflows continued for three days in a row, with $184 million on Thursday and $81 million on Wednesday. XRP faces similar selling pressure. Since October 10, XRP’s funding rate, which measures trader positions, has dropped from 0.0085% to 0.0010%. This shows traders closing long positions and opening shorts, limiting XRP’s chances of recovery.
Technical Levels Suggest Possible Further Declines
Bitcoin lost support from key moving averages, including the 50-day, 100-day, and 200-day EMAs. These averages now act as resistance near $108,000 to $112,000. The 50-day EMA is close to crossing below the 100-day EMA, creating a “Death Cross” that signals bearish momentum. The Relative Strength Index (RSI) sits at 40 and is declining. A close below $107,000 could push Bitcoin down toward $102,000.
Ethereum is trading just above $3,700 with RSI at 39 and declining. The MACD indicator gave a sell signal, suggesting further decline toward the 200-day EMA near $3,608. If these supports hold and buyers step in, Ethereum might recover and target $4,000 or higher. Key resistance levels include the 100-day EMA at $3,956 and the 50-day EMA at $4,060.
XRP is fighting to keep its $2.40 support. The RSI reading is 41 and falling, pointing to bearish control. The MACD also signals a sell in coming sessions. If buyers use the dip to enter, XRP could regain strength and move toward $3.00. Traders should watch resistance at the 200-day EMA ($2.60), 50-day EMA ($2.64), and 100-day EMA ($2.72).
