Bitcoin is trading just above $105,000 on Tuesday after relinquishing some of yesterday’s gains. Major altcoins like Ethereum and XRP are also slipping, suggesting profit-taking and a broader risk-off mood. Both institutional and retail demand remain subdued, indicating that investors aren’t yet convinced the market has turned bullish. Key technical indicators continue to lean bearish, encouraging traders to trim positions or stay on the sidelines in the near term.
Data Spotlight: BTC, ETH, XRP See Weak Institutional and Retail Demand
Over the past two weeks, institutional interest in Bitcoin has waned amid heightened macroeconomic uncertainty—heightened further by the record-long U.S. government shutdown. Ongoing outflows from spot Bitcoin ETFs underscore this lack of appetite. According to SoSoValue, Monday saw just $1.15 million flow into these ETFs, following two consecutive weeks of outflows totaling $1.22 billion and $799 million. As of November 10, the ETFs’ cumulative net inflows average $59.97 billion, with assets under management at $141.54 billion.
Retail demand has also remained muted since the October 10 deleveraging—when over $19 billion in crypto assets was wiped out in a single day. At the time of writing, Bitcoin futures Open Interest stands at $68.37 billion, down from $71 billion on November 1 and the October peak of $94.12 billion.
Ethereum ETFs saw no net flows on Monday, leaving cumulative inflows at $13.86 billion and assets under management at $23.43 billion.
Traders have been ramping up short bets, as shown by the OI‐weighted funding rate plunging from 0.0067% on Monday to just 0.0007% on Tuesday.
XRP has bucked the trend seen in Bitcoin and Ethereum, with open interest climbing from $3.36 billion on Monday to $4.11 billion on Tuesday. This rise coincided with the price hitting a weekly high of $2.58, underscoring how retail traders are helping to drive XRP higher.
Chart of the Day: Bitcoin Defends Critical Support
As of this writing, Bitcoin is holding just above $105,000 after its two-day rally ran into resistance near $107,450. The tug-of-war between buyers and sellers is clear on the daily chart’s indicators.
- MACD Setup: The MACD is on the verge of a bullish crossover—if the blue line climbs above the red signal line and the histogram flips green, it would confirm growing upside momentum.
- Key Resistance: A decisive break above the 200-day EMA at roughly $107,999 would reinforce the short-term bullish case and open the door toward the next psychological barrier at $110,000.
- Caution Advised: The RSI sits at 44 and is drifting lower. Falling RSI readings signal fading buying pressure and raise the risk of a pullback toward $100,000.
On the BTC/USDT daily chart, altcoins are sending mixed signals—especially Ethereum and XRP. As of Tuesday, Ethereum sits just below its 200-day EMA at roughly $3,595, weighed down by profit-taking and a pullback in risk appetite after Monday’s highs near $3,656.
- The daily RSI stands at 43, suggesting that bullish momentum is fading. A further drop could send ETH toward the next support level around $3,350, which was last tested on Sunday.
- Conversely, the daily MACD is on the verge of a bullish crossover—if the MACD line (blue) rises above the signal line (red) and the histogram turns positive, it could attract fresh buying interest and help propel ETH past its 200-day EMA near $3,695.
On the XRP/USDT daily chart, XRP has eased roughly 3% to trade near $2.45. It sits below its key moving averages—the 50-day EMA at $2.56, the 200-day EMA at $2.58, and the 100-day EMA at $2.64—all of which are acting as resistance. The RSI has slipped to 49 from Monday’s high of 52, indicating cooling bullish momentum and casting doubt on a push toward $3.00 in the near to medium term.
On the XRP/USDT daily chart, the MACD has been flashing a buy signal since Monday—encouraging investors to add risk. However, for the short-term bullish case to hold, XRP needs to clear both its 50-day and 200-day EMAs.