Crypto Today: Bitcoin, Ethereum and XRP Face Selling Pressure as Signs of a Bottom Remain Elusive

• With ETF outflows continuing, Bitcoin retreats on Thursday to test the lower support zone around $73,000.
• Institutional capital withdrawals strengthen Ethereum sellers’ control as the spot price remains just above $2,000.
• Weakening momentum indicators leave XRP vulnerable to a further fall below $1.00.

The $73,000 area provides a key support test for Bitcoin (BTC) as it corrects on Thursday, alongside major altcoins Ethereum (ETH) and Ripple (XRP). While ETH, the smart contract token, remains above its $2,000 demand zone, technical weakness persists in remittance token XRP, increasing the likelihood of a correction below $1.00.

Over the past few weeks, demand for cryptocurrencies and related assets has weakened markedly. Macroeconomic uncertainty and risk aversion following the Binance hack, which affected roughly $6.3 billion, have weighed on appetite.

A reading of 28 places the Fear & Greed Index in Fear territory on Thursday, only slightly below the previous day’s 29 and consistent with the wider market’s risk-averse mood.

Crypto ETFs continue to lose capital

Wednesday brought approximately $300 million in outflows from Bitcoin spot exchange-traded funds (ETFs), according to SoSoValue, prolonging the bearish run to five days. Cumulative inflows have consequently edged down to $55.1 billion, with net assets under management averaging $93.7 billion. Continued withdrawals are likely to keep prices under pressure and leave sellers in control.

In its ‘Ahead of the Curve’ report on Tuesday, K33 Research said: “Volumes remain below levels observed during previous price expansions and market bottoms, suggesting limited buying interest as BTC trades near two-month lows,”

Withdrawals from Ethereum spot ETFs accelerated to $145 million on Wednesday, compared with just $1.3 million the day before. The fifth consecutive session of outflows left cumulative inflows at $11.6 billion and net assets at $11.7 billion.

Following withdrawals of $7.6 million on Tuesday and $10.4 million on Monday, XRP spot ETFs registered subdued activity on Wednesday. Cumulative inflows average $1.8 billion, while net assets stand at $1.2 billion.

Bitcoin technical analysis: Selling pressure builds

At $73,561, Bitcoin remains below its 50-day, 100-day and 200-day exponential moving averages (EMAs), at $78,695, $77,411 and 7$6,736 respectively, leaving the near-term outlook bearish. Further overhead resistance comes from the SuperTrend line at $80,128, supporting the view that successive trend barriers are limiting the market’s upside.

The Relative Strength Index (RSI), at 34, sits only just above oversold territory, underscoring subdued momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) remains negative, suggesting that sellers retain the upper hand even though brief relief rallies remain possible.

To temper the prevailing bearish tone, buyers would need to recover a closely packed resistance zone comprising the 200-day EMA near $76,736, the 100-day EMA at $77,411 and the 50-day EMA around $78,695, in that order. Beyond these levels, the SuperTrend at $80,128 presents a wider structural obstacle. A sustained move above that barrier would be required to suggest that BTC is leaving its current corrective phase.

Ethereum technical analysis: ETH maintains critical support

Trading at $2,047, Ethereum continues its decline beneath all major moving averages, with the short-term outlook still bearish. Overhead supply is concentrated around the 200-day EMA near $2,296 and the 100-day EMA around $2,321, reinforced by the SuperTrend line at roughly $2,322 and the 50-day EMA close to $2,335.

An RSI reading around 29 points to oversold conditions that could moderate the decline, though not yet reverse it. Momentum remains subdued, with the MACD below zero and its latest reading negative.

The broken rising trendline near $2,240 provides the first resistance, followed by the 200-day EMA at $2,296. Above this, the 100-day EMA at $2,321 and the SuperTrend at $2,322 create a closely aligned barrier. The next hurdle is the 50-day EMA at $2,335, which continues to constrain the scope for a medium-term recovery while the price trades beneath it.

The daily chart offers no clearly defined structural support. ETH would therefore first need to regain the $2,240-$2,296 zone to reduce immediate selling pressure and clear a path towards a more durable recovery to the cluster of daily moving averages.

XRP technical analysis: Decline brings $1.00 into focus

At $1.04, XRP remains firmly in a bearish phase, well beneath the 50-day, 100-day and 200-day EMAs at $1.27, $1.29 and $1.34 respectively. The recent breach of the descending trendline’s key level near $1.27 continues to limit the pair’s upside, keeping the downtrend intact. Additional overhead supply comes from the SuperTrend at $1.21.

An RSI slipping into oversold territory around 23 signals strong selling pressure, although a brief rebound cannot be excluded. Momentum is also weak on the MACD, which remains below zero, with both its signal line and histogram in negative territory.

The SuperTrend around $1.21 offers the first resistance. Beyond it lies a concentrated set of technical barriers in the $1.27-$1.27 zone, where the 50-day EMA converges with the broken descending trendline. A recovery above the 100-day EMA at $1.29 and the 200-day EMA near $1.34 would then be needed to soften the broader bearish outlook.

Unless the oversold RSI prompts a corrective rebound towards the resistance band outlined above, the pair remains exposed to further losses, as the daily chart shows no meaningful support close to the current price.

(The technical analysis of this story was written with the help of an AI tool. Know more.)