Crypto Market Analysis: BTC, ETH, XRP, And More

Bitcoin (BTC) faced three consecutive weeks of outflows from crypto ETPs, signaling negative sentiment and impacting several altcoins. While BTC attempted a recovery, sellers emerged at higher levels, leaving analysts cautiously optimistic that a market bottom is nearing. Bitwise CEO Hunter Horsley anticipates the end of a six-month bear market, but Santiment cautions that true bottoms form when widespread price declines are expected.

Crypto investment products saw significant outflows, totaling $3.2 billion over three weeks, with $2 billion exiting last week – the largest weekly outflow since February. A sustained increase in buying into crypto ETPs is necessary for a recovery.

The S&P 500 Index (SPX) shows indecision, potentially heading for a correction to 6,550 or a rally to 7,000. The US Dollar Index (DXY) found support at the 20-day EMA (99.32) after a retreat from 100.50.

Bitcoin is struggling to maintain support at $93,000, with selling expected at $100,000. A failure to break the 20-day EMA ($102,022) could trigger a drop to $87,800. Ether (ETH) trades below $3,350, needing to break the 20-day EMA ($3,444) for a potential rally towards $3,871.

XRP (XRP) remains within a descending channel, with support at $2.15 and potential resistance at the 50-day SMA ($2.52). BNB (BNB) needs to stay above $860, facing selling pressure near the 20-day EMA ($983). Solana (SOL) slides toward $126 support, needing to break the 20-day EMA ($159) to avoid a further decline.

Dogecoin (DOGE) attempts to find support near $0.15, potentially facing a drop to $0.14. Cardano (ADA) dipped below $0.50, needing to reclaim that level for a potential recovery towards $0.55. Hyperliquid (HYPE) is trading between support ($35.50) and the 50-day SMA ($41.78), potentially breaking out to $52 or a drop to $28.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.