Crypto Market Declines Amid Renewed Risk-Averse Sentiment
The cryptocurrency market is experiencing a decline due to renewed risk-averse sentiment. Bitcoin (BTC) has fallen towards $62,000, with Ethereum (ETH) and Ripple (XRP) also edging lower towards $1,800 and $1.05 respectively.
According to SoSoValue, spot BTC Exchange-Traded Funds (ETFs) registered net outflows of $61.53 million last week, ending a three-week streak of positive inflows. This trend is likely to cap potential upside and prompt continued investor selling.
The Fear & Greed Index remains at 28, deep within Fear territory, indicating subdued risk appetite. Technical analysis shows that Bitcoin bears have gained ground, with the price holding firmly beneath key Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) is below the midline and the Moving Average Convergence Divergence (MACD) has a negative reading, hinting at persistent selling interest.