Bitcoin Holds Steady Above $108,000 Amid ETF Inflows
Bitcoin (BTC) remains above $108,000 on Wednesday. It faced resistance near $114,000 the day before. Strong inflows into Bitcoin spot Exchange Traded Funds (ETFs) support a short-term bullish outlook. Meanwhile, Ethereum (ETH) and Ripple (XRP) show weakness due to negative market sentiment and lack of strong price drivers.
Institutional Demand Grows with Bitcoin and Ethereum ETF Inflows
US-listed Bitcoin spot ETFs saw inflows of about $477 million on Tuesday. This ended four days of outflows. The total net inflow for Bitcoin ETFs is now near $62 billion. These ETFs often signal growing interest from institutional investors. Continued inflows could help Bitcoin recover toward the $114,000 resistance level.
Ethereum spot ETFs also recorded inflows of nearly $142 million on Tuesday. The total net inflow for Ethereum ETFs is around $15 billion, with assets averaging $27 billion. Institutional buying through ETFs is key to keeping Ethereum above $4,000 and boosting investor confidence.
Technical Indicators Show Bitcoin and Altcoins Facing Pressure
Bitcoin trades above its 200-day Exponential Moving Average (EMA) at $108,070. However, technical indicators like the MACD and SuperTrend suggest bearish momentum. This raises the chance of a drop toward October lows near $102,000. A daily close above the 200-day EMA would signal stable sentiment and a possible recovery.
Ethereum has slipped below its 100-day EMA, now near $3,967, and looks for support above $3,800. Bearish signals from the MACD and Relative Strength Index (RSI) show increasing selling pressure. Key support levels are $3,800, $3,680, and the 200-day EMA at $3,569. A rebound above $4,000 remains possible if ETF demand grows.
Ripple (XRP) struggles to reclaim the $2.40 level. A Death Cross pattern on the daily chart points to ongoing bearish sentiment. The next support levels are $2.18 and $1.90. The MACD remains bearish, suggesting more selling pressure. A recovery toward the 200-day EMA at $2.61 could occur if retail investors buy the dip.
