Major Cryptocurrencies Lose Momentum Amid Near-Term Downside Risk

Major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are experiencing losses, prompting concerns about their newfound bullish momentum. According to FXStreet, these cryptos have been trading in the red on Thursday after a loss of 2% to 4% the previous day.

The institutional confidence in major cryptocurrencies has recently seen a revival over the past week, with Bitcoin spot Exchange Traded Funds (ETFs) recording $346.98 million in inflows on Wednesday, marking the fifth consecutive day of positive inflows and bringing the week's total to $2.06 billion so far.

Despite this, the technical outlook for these cryptos indicates near-term downside risk. Bitcoin is trading around $83,900 at press time on Thursday, extending its pullback from this week's high around $87,395. Ethereum and Ripple are also down nearly 3% and experiencing a bearish bias.