Bitcoin (BTC) extended its decline below $83,000 on Thursday as selling pressure continued to weigh on the market. Leading altcoins like Ethereum (ETH) and Ripple (XRP) also followed the broader sector-wide pullback, with ETH dipping under $2,600 and XRP testing support at $1.40.
Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs) saw significant outflows. Bitcoin ETFs recorded withdrawals of $487 million on Wednesday, marking a return of outflows after a period of strong demand. Despite this, the Crypto Greed & Fear Index remained in the 'Greed' territory at 64, suggesting that market sentiment was still relatively positive.
Ethereum spot ETFs experienced their seventh consecutive day of outflows, with investors withdrawing $161 million on Wednesday. Cumulative inflows for the week amounted to $413 million, indicating that US-listed ETFs were on track for a second consecutive week of outflows. XRP spot ETFs showed erratic activity, with outflows of $3 million recorded the day before.
Markus Levin, co-founder of XYO, noted that strong ETF demand alone is not enough to drive a sustained rally when yields and the dollar are working against Bitcoin. He added that if yields begin to fall while ETF inflows remain positive, Bitcoin could regain momentum toward $90,000 and eventually $100,000.
Technically, Bitcoin remained above key moving averages, suggesting the broader uptrend was intact despite the recent pullback. Immediate support was identified at $83,000, with further support levels at the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). Ethereum and XRP also showed constructive bullish biases but faced short-term technical challenges.