Bitcoin Holds Above $92,000 Amid ETF Inflows
Bitcoin (BTC) is trading above $92,000 on Thursday. Small inflows into Bitcoin spot ETFs suggest mild bullish momentum. But Bitcoin’s weak technical setup raises risks of a price drop. Meanwhile, Ethereum (ETH) and Ripple (XRP) hold key supports at $3,000 and $2.00, hinting at possible seller fatigue.
Bitcoin ETFs See Inflows, Ethereum ETFs Face Outflows
- Bitcoin ETFs listed in the US had about $74 million inflows on Wednesday following five days of outflows.
- Ethereum ETFs saw around $37 million outflows on the same day.
- Bitcoin ETF assets total around $117 billion, with a net inflow of $58 billion.
- Ethereum ETF assets stand at $18.19 billion, with a net inflow of $12.84 billion.
- ETF inflows indicate growing institutional interest supporting Bitcoin’s price.
- Continued outflows in Ethereum ETFs may weaken market sentiment and limit ETH’s recovery above $3,000.
The XRP futures market remains quiet after the October 10 flash crash. Open Interest (OI) dropped slightly to $3.79 billion on Thursday from $3.85 billion on Wednesday. A rising OI is usually needed to back an XRP price rebound. Declining OI could increase the chance of XRP falling below the $2.00 support.
Technical Outlook for Bitcoin, Ethereum, and Ripple
Bitcoin rose from $88,608 to above $92,000 on Thursday. Traders watch for a daily close above $92,000 or $90,000 to confirm a recovery. The MACD indicator still gives a sell signal, suggesting investors may reduce risk. If selling pressure continues, Bitcoin might fall by nearly 10% to $83,111, a key support tested in April.
Ethereum trades just above $3,000 but below major moving averages like the 200-day EMA at $3,554. The RSI is 32, nearing oversold levels, showing bearish momentum. If Ethereum falls below $3,000, the next support is at $2,873. A dip buy could happen, aiming for a rise toward the 200-day EMA.
Ripple holds slightly above $2.00, with an RSI of 37, which shows some stability. The MACD also shows a sell signal, meaning investors might be cautious. A drop below $2.00 could lead to a correction near $1.90, last tested in June. If buyers step in, XRP could rebound toward the 50-day EMA at $2.45.
