Bitcoin Trades Above $86,000 as Bulls Aim for $90,000
Bitcoin (BTC) is trading above $86,000 on Monday. Buyers are trying to push the price over $90,000 this week. Altcoins like Ethereum (ETH) and Ripple (XRP) remain above strong support levels at $2,800 and $2.00, respectively.
Institutional Interest Returns with Bitcoin and ETH ETF Inflows
Last week, institutional investors showed renewed interest in Bitcoin. US-listed spot ETFs saw inflows of about $238 million on Friday and $75 million on Wednesday.
Since the flash crash on October 10, demand for crypto ETFs has been weak. Factors like economic uncertainty and concerns about the Federal Reserve’s December meeting impact market sentiment.
Ethereum spot ETFs in the US showed a small positive change, gaining nearly $56 million on Friday. This ended an eight-day streak of outflows. Continued ETF inflows could support a price breakout.
Ripple’s derivatives market remains stable but weak. Futures Open Interest (OI) averaged between $3 billion and $4 billion in the last two weeks. On Monday, OI rose to $3.61 billion from $3.28 billion the day before. Rising OI would boost market confidence as investors take more risk.
Bitcoin Faces Challenges Despite Price Recovery
Bitcoin’s price rose from a low of $80,600 on Friday to just over $86,000 on Monday. However, it is still below key moving averages. These include the 50-day EMA at $102,250, the 100-day EMA at $106,485, and the 200-day EMA at $105,968.
The MACD indicator shows a sell signal on the daily chart since November 3, confirming bearish momentum. The RSI remains low at 27, indicating the price could drop again toward $80,600 support.
A break above resistance at $88,127 would improve Bitcoin’s short-term outlook. This could increase chances of breaking above $90,000.
Altcoins Update: Ethereum and Ripple Face Volatility
Ethereum holds above $2,800 support but faces high price swings. It reached $2,885 before pulling back. A Death Cross—when the 50-day EMA crosses below the 200-day EMA—could keep pressure on Ethereum prices.
The MACD shows a sell signal since November 3, and RSI is steady at 30, suggesting consolidation before a possible move. A daily close below $2,800 may lead to further declines toward $2,500.
Ripple aims to stay above $2.00 support. Its RSI at 39 is rising, signaling growing bullish momentum. A close over $2.00 would strengthen the uptrend chances, targeting resistance at $2.24, then the 50-day and 200-day EMAs at $2.38 and $2.52.
