Crypto Market Corrects Amid Macro Uncertainty and Geopolitical Tensions
The cryptocurrency market is experiencing a broad correction on Friday as investors assess macro uncertainty and geopolitical tensions in the Middle East. Bitcoin, Ethereum, and XRP are all trading lower, with BTC below $64,000, down from its weekly high of $65,745.
Altcoins like Ethereum (ETH) and Ripple (XRP) are under increasing selling pressure, with ETH trading near $1,890 and XRP at $1.07. The Fear & Greed Index has slipped to 25, firmly in Fear territory, down from 28 just a day earlier.
Despite the market's dull outlook, institutional investors appear to be gazing beyond macro uncertainty. Inflows into spot Exchange-Traded Funds (ETFs) increased to $233 million on Thursday, with BTC ETFs' cumulative inflows nearing $52 billion. This underscores the long-term positive investor outlook for Bitcoin.
Technical analysis suggests that the bearish tone is likely to persist in the short term. The 50-day EMA at $64,904 provides initial resistance for Bitcoin, followed by the 100-day EMA at $67,460 and the 200-day EMA at approximately $72,977.
Ethereum and XRP face renewed headwinds, with ETH capped beneath the 100-day EMA around $1,932 and well below the 200-day EMA at $2,173. XRP trades at $1.07, holding below the 50-day, 100-day, and 200-day EMAs.