Bitcoin Nears $120,000 After Seven-Week High
Bitcoin (BTC) is trading close to $120,000 on Friday. It hit a seven-week high of $120,960 the day before. Other cryptocurrencies like Ethereum (ETH) and Ripple (XRP) remain near their weekly highs. This shows steady demand from both institutions and retail investors.
The overall crypto market paused after two days of gains. Positive sentiment around “Uptober” helped the market. Traders often expect October to perform better than September, which is usually bearish for crypto.
Bitcoin and Ethereum ETFs See Strong Inflows
Interest in Bitcoin spot Exchange-Traded Funds (ETFs) has grown this week. US ETFs saw inflows of $627 million on Thursday, $676 million on Wednesday, $430 million on Tuesday, and $522 million on Monday, according to SoSoValue data.
- BlackRock’s IBIT ETF had $466 million inflows on Wednesday.
- Fidelity’s FBTC ETF saw $87 million inflows.
- Ark Invest’s ARKB ETF gained $45 million.
None of the 12 Bitcoin ETFs reported outflows, showing strong demand.
Ethereum spot ETFs also saw steady inflows this week, but less than Bitcoin. On Thursday, inflows totaled $307 million. BlackRock’s ETHA ETF received $177 million, Fidelity’s FBTC $61 million, and Grayscale’s ETH $46 million. None of the nine Ethereum ETFs had outflows.
Retail interest in XRP derivatives is rising. Futures Open Interest (OI) hit a monthly low of $7.35 billion but averages about $8.47 billion now, according to CoinGlass. This steady OI suggests confidence in XRP’s short-term uptrend.
Bitcoin and Altcoins Technical Update
Bitcoin trades near $120,000 but is slightly down from its recent high. Profit-taking pressure is building. The Moving Average Convergence Divergence (MACD) indicator on the daily chart shows a buy signal since Wednesday. A close above $120,000 would support a rally toward Bitcoin’s all-time high of $124,474 from August 14.
The Relative Strength Index (RSI) is stable at 65, showing that bullish momentum is easing. If profits increase, Bitcoin could drop toward the 50-day Exponential Moving Average (EMA) at $114,094.
Ethereum trades above its 50-day EMA at $4,236, a key support level. It recently faced resistance near $4,500. A break above $4,400 to $4,500 would confirm a bullish trend. The RSI at 56 may fall if momentum weakens. The MACD shows a buy signal, and breaking the descending trendline from late August would strengthen the bullish case.
XRP bulls remain strong. The 50-day EMA at $2.93 offers support, with the 100-day EMA at $2.84 and the 200-day EMA at $2.62 also holding. The RSI is rising at 57, supported by a MACD buy signal from Wednesday. A break above $3.18, tested in mid-September, could push XRP toward its record high of $3.66.
