Bitcoin Surges Above $103,000 Amid Market Recovery
Bitcoin (BTC) is trading above $103,000 on Thursday. Bulls are gaining control in the cryptocurrency market. Altcoins like Ethereum (ETH) and Ripple (XRP) also saw price gains. ETH is above $3,500, and XRP trades above $2.50.
However, overall interest in crypto remains low. Institutional demand for Exchange Traded Funds (ETFs) has cooled recently. Retail investor activity dropped after October 10, when $19 billion in crypto assets were liquidated in one day.
Market sentiment may improve after US President Donald Trump signed a bill to end the longest government shutdown in US history. He said, “This is no way to run a country.” Investors, including those in crypto, are reacting positively to the news.
ETF Outflows Continue Despite Crypto Gains
Institutional demand for Bitcoin ETFs has been uneven this week. Investors are cautious due to economic uncertainty and the government shutdown.
- On Wednesday, US-listed ETFs saw outflows of about $278 million, ending a two-day rise.
- On Tuesday, ETFs had inflows of $524 million, while Monday saw $1.15 million inflows.
- Ethereum ETFs also had outflows, with $184 million withdrawn on Wednesday.
- Tuesday’s Ethereum ETF outflows were $107 million, and Monday had no flows.
Exchange-Traded Funds are key indicators of investor interest. These outflows suggest cautious, risk-off sentiment among institutional investors.
Retail demand for XRP remains weak after the October 10 market drop. XRP futures Open Interest stands at $3.67 billion on Thursday, down from $8.36 billion on October 10. A rise in Open Interest is needed for XRP’s short-term recovery.
Technical Indicators Show Positive Momentum in Bitcoin and Altcoins
Bitcoin rose from $100,813 to over $103,000 on Thursday. Technical signals suggest bulls are gaining strength but traders remain cautious.
- The MACD indicator may soon give a buy signal if the blue line crosses above the red one.
- A break above the 200-day moving average at $107,866 would confirm Bitcoin’s short-term bullish trend.
- The Relative Strength Index (RSI) is at 42 but still in bearish territory. A higher RSI will help the uptrend.
Ethereum is trading above $3,500 and looks set to continue its recovery. Its RSI also rose to 42, signaling buying interest. If prices rise above the 50-day moving average at $3,853, the uptrend will strengthen.
XRP is trading above $2.50 with bullish technical support. Its MACD has shown buy signals since Monday. The RSI crossed into bullish territory above 50, improving the chance of sustained gains. Key resistance points are the 50-day EMA at $2.54, 200-day EMA at $2.57, and 100-day EMA at $2.64.
