Bitcoin Price Rises Above $104,000
Bitcoin (BTC) rose along with other major cryptocurrencies on Wednesday. It traded above $104,000 after recovering from a dip below $102,500 the day before. The earlier drop was caused by market uncertainty and some profit-taking. Ethereum (ETH) and Ripple (XRP) also moved higher, trading above $3,400 and $2.40 respectively.
Bitcoin ETF Inflows Support Price Gain
Institutional interest is returning to Bitcoin. US-listed Bitcoin Exchange Traded Funds (ETFs) saw inflows of about $523 million on Tuesday. This followed $1.15 million in inflows on Monday, according to data from SoSoValue. ETF inflows often show increased investor confidence. Interest in these ETFs dropped after the crypto market crash on October 10, when over $19 billion of assets were liquidated in one day.
Ethereum ETFs, however, saw outflows of around $107 million on Tuesday. Overall, US-listed Ethereum ETFs have $22.48 billion in net assets and $13.75 billion in net inflows so far. Retail demand for Ripple remains low. The open interest in XRP futures dropped to $3.95 billion on Wednesday, down from $8.36 billion on October 10. For XRP to recover, a steady rise in open interest is needed.
Technical Signals Show Mixed Outlook for Bitcoin and Altcoins
Bitcoin is trading above $104,000 after rising from a low of $102,476 on Tuesday. The Moving Average Convergence Divergence (MACD) may soon signal a buy if the blue line crosses above the red line. Traders watch the 200-day Exponential Moving Average (EMA) at $107,940 as a key resistance. The Relative Strength Index (RSI) stands at 43 but remains weak, signaling cautious optimism among investors.
Ethereum trades below $3,500 but above short-term support at $3,400. Its RSI is at 42, suggesting slow recovery. The MACD may trigger a buy signal soon, but Ethereum could drop to $3,350 if selling increases.
For XRP, the MACD shows a buy signal since Monday. The RSI is near 48 and may move into bullish territory. A breakout above the 50-day EMA at $2.55 could happen if investors keep buying. Key resistances lie at the 100-day EMA ($2.64) and 200-day EMA ($2.58), which may limit gains if profit-taking starts.
