Bitcoin Approaches $90,000 as Crypto Market Recovers
Bitcoin (BTC) is moving closer to $90,000 on Monday. The overall cryptocurrency market is trying to bounce back after last week’s challenges caused by monetary policy changes. Ethereum (ETH) is slightly above $3,100, despite weak retail demand. XRP is close to crossing above $2.00, helped by a small rise in futures Open Interest (OI).
Retail Market Trends in Bitcoin, Ethereum, and XRP
The Bitcoin derivatives market shows growing activity. Retail traders are returning after a pause. According to CoinGlass data, Bitcoin futures OI reached $61.35 billion on Monday. This is up from $59.8 billion the day before. On December 7, OI hit a nine-month low of $56.32 billion. It had peaked at $94.12 billion on October 7 before a big deleveraging event on October 10.
A rising OI suggests more confidence from retail traders. They seem ready to increase their Bitcoin exposure.
Ethereum faces some challenges. Its futures OI dropped to $39.32 billion from $41.32 billion on Friday. The highest OI for Ethereum was $70.13 billion on August 23. It also hit a six-month low of $32.57 billion on November 22.
Retail interest in XRP stays low. Futures OI for XRP was $3.72 billion on Monday, slightly up from $3.57 billion the previous day. The peak OI was $10.94 billion on July 22, driven by FOMO in the cross-border remittance token. XRP needs a steady rise in OI to support price gains.
Technical Analysis: Bitcoin and Altcoins Outlook
Bitcoin is nearing $90,000, backed by a rising Relative Strength Index (RSI) of 44 on the daily chart. If the RSI climbs above the midline, Bitcoin could gain strong momentum. The Moving Average Convergence Divergence (MACD) shows slight positive momentum. The blue MACD line is above the red signal line on the daily chart.
However, Bitcoin’s trend is still mostly bearish. The 50-day Exponential Moving Average (EMA) is at $95,605, the 100-day EMA at $101,025, and the 200-day EMA at $103,051, all trending down. Bitcoin’s rebound may remain limited unless it breaks above the 50-day EMA, opening the path to surpass $100,000.
Ethereum trades above $3,100 after bouncing from a Sunday low of $3,024. Its RSI is above 50, showing stronger bullish momentum. The MACD has been in buy mode since November 26 and may soon enter bullish territory. The 50-day EMA at $3,282 could limit gains, but if broken, Ethereum might rise above the 200-day EMA at $3,440 and the 100-day EMA at $3,476. Failure to surpass the 50-day EMA could lead to a drop below $3,000.
XRP is just below $2.00, recovering from a low of $1.95 on Sunday. Its RSI is slightly higher but remains bearish at 41. The MACD indicator is sideways, with the blue line above the red signal line, supporting a cautious outlook. XRP trades below key EMAs: 50-day at $2.21, 200-day at $2.38, and 100-day at $2.45, which limits a strong recovery. If XRP fails to pass $2.00, it may test support at $1.82 from November 21.
