Bitcoin Consolidates as Ethereum and XRP Extend Rally
Bitcoin (BTC) is showing signs of consolidation, trading just above $86,000 on Monday. The largest cryptocurrency by market cap is holding within a broader range, with key support at $85,000 and resistance at $88,000. Meanwhile, altcoins like Ethereum (ETH) and Ripple (XRP) are extending their gains, with ETH edging higher above $2,700 and XRP steadying above $1.52. The overall market sentiment remains bullish, as reflected by the Fear & Greed Index holding at 70 in Greed territory.
Bitcoin spot Exchange-Traded Funds (ETFs) saw inflows of $241 million last week, marking the third consecutive week of positive flows. However, this is a significant drop from the previous week’s $2.4 billion inflows, suggesting potential buyer exhaustion as Bitcoin struggles to break past $88,000. Ethereum spot ETFs, on the other hand, experienced outflows totaling $138 million, despite cumulative inflows standing at $13.8 billion. XRP spot ETFs continued their bullish streak with $5 million in inflows, marking the 12th consecutive week of positive flows.
Technically, Bitcoin is maintaining a bullish near-term bias, with strong support levels at the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). Ethereum is also holding well above its key EMAs, with the 50-day EMA at $2,494 and the SuperTrend base at $2,483 providing strong support. XRP is trading above its key EMAs, with the 50-day EMA at $1.40 and the 200-day EMA at $1.38 offering robust support levels.
The technical indicators suggest that while Bitcoin’s upward momentum is slowing, the overall trend remains bullish. Ethereum and XRP continue to show strong bullish momentum, with no immediate resistance levels on the daily chart. The path of least resistance for these altcoins appears to be upward, supported by constructive technical setups and positive market sentiment.