Bitcoin Holds Support After Recent High
Bitcoin (BTC) is trading above a short-term support range between $120,000 and $121,000. This follows a recent peak at $126,199 on Monday. The price drop is mainly due to profit-taking and cautious sentiment in the crypto market.
Altcoins like Ethereum (ETH) and Ripple (XRP) are near key support levels. Ethereum faces lower demand for ETFs, while XRP struggles below $3.00 amid falling retail interest.
Bitcoin ETFs See Strong Inflows, Ethereum ETFs Face Outflows
- Bitcoin spot ETFs in the US had nine days of inflows, adding $198 million on Thursday.
- Total Bitcoin ETF inflows are about $63 billion, with assets near $165 billion.
- These ETFs help drive Bitcoin’s price by showing strong investor interest.
- Ethereum spot ETFs saw outflows of $8.54 million on Thursday, reflecting weaker demand.
- BlackRock’s ETHA ETF was the only one with inflows, gaining $39 million.
- Ethereum ETFs have $15 billion in net inflows and nearly $30 billion in assets.
Altcoins Testing Key Support Levels
Ethereum is testing its 50-day EMA at $4,295 after falling from $4,750. The RSI shows weakening momentum, which could push ETH toward the 100-day EMA at $3,979. A sell signal may appear soon on the MACD indicator.
XRP is recovering slightly after dropping to $2.76 on Thursday. It trades around $2.81 now. The MACD shows a sell signal, suggesting more downside risk. Support levels to watch are $2.70 and the 200-day EMA at $2.64. A move above the 100-day EMA at $2.85 and 50-day EMA at $2.92 could help XRP break its downtrend.
