Bulls Return as Bitcoin, Ethereum, and XRP Eye Short-Term Breakouts

Crypto markets appear to be on the cusp of short-term breakouts as Bitcoin, Ethereum, and XRP show signs of regaining momentum.

Bitcoin is trading near $78,000 after recovering from early-week uncertainty, with its price supported by a robust cluster of moving averages. Ethereum has ticked up for three consecutive days, aiming to surpass $2,500. Ripple, meanwhile, has edged higher at $1.33, buoyed by short and medium-term EMA support.

The Fear & Greed Index remains in the 'Greed' territory at 56, indicating market participants are willing to weather short-term headwinds, anticipating a renewed uptrend in the medium term. However, the Coinbase Premium Index slipped into negative territory this week due to investors reassessing the impact of the Federal Reserve's rate hike and the US CLARITY Act.

A CryptoQuant analyst noted that Bitcoin's rally has cooled down, with the Bull Score slipping from 80 to 60, indicating a 'bullish cooldown.' Rising ETH and altcoin exchange inflows are adding selling pressure, but Bitcoin's own inflows have remained low.