Bitcoin and Altcoins Face Bearish Market Pressure
Bitcoin (BTC) is trading above $91,000 on Tuesday, slightly down but recovering from earlier losses. The broader cryptocurrency market shows risk-off sentiment, affecting prices. Ethereum (ETH) and Ripple (XRP) have mild recoveries. ETH trades just above $3,000, and XRP is around $2.18. However, the overall market trend remains negative.
ETF Outflows and Derivatives Show Weak Demand
- Bitcoin spot ETFs in the US had $255 million in outflows on Monday.
- Total net inflow volume for Bitcoin ETFs stands at $58.6 billion, with assets at $121 billion.
- Ethereum ETFs also faced $183 million in outflows Monday; last inflows were on November 6.
- ETH ETF total inflow volume is $12.95 billion, with net assets of $18.76 billion.
- Prolonged ETF outflows may pressure Ethereum’s price recovery in the near term.
- XRP futures show weak interest with open interest around $3.6 billion, indicating cautious traders.
Technical Indicators Signal Continued Pressure on Bitcoin and Altcoins
Bitcoin’s price dropped to an intraday low of $89,253 before recovering above $91,000. The 50-day EMA crossed below the 200-day EMA, forming a bearish Death Cross. The RSI for Bitcoin is oversold at 27, and the MACD signals selling since November 3. A daily close above $90,000 is needed to stabilize; otherwise, prices could fall towards $80,000.
Ethereum remains above $3,000 after dipping to $2,946. Its RSI is near oversold, and the MACD shows a sell signal. ETH trades below major moving averages (50-day at $3,706, 100-day at $3,782, 200-day at $3,564), reflecting bearish sentiment. Support lies at $2,880, with resistance around $3,000.
XRP tested support at $2.10 and attempts recovery, but investor confidence is low since the October 10 flash crash. The daily RSI is steady at 39. Key resistance levels to watch include $2.40, $2.48 (50-day EMA), $2.55 (200-day EMA), and $2.59 (100-day EMA). Support levels are at $2.07 and $1.90.
