Bitcoin eyes $120,000, Ethereum $5,000, XRP $3.35 as selling pressure eases
Bitcoin (BTC) extends recovery near $113,000 on Thursday, supported by enhanced market sentiment and reduced selling pressure. Altcoins led by Ethereum (ETH) display recovery signs, following Bitcoin’s footsteps. Ripple (XRP), on the other hand, is struggling to hold support at $3.00, which could pave the way for a reversal toward the next key resistance at $3.35.
Data spotlight: Bitcoin, Ethereum recover amid easing selling pressure
Bitcoin is gaining bullish momentum toward the $113,000 level, backed by growing investor optimism and declining selling pressure. Steady but relatively low BTC Exchange Traded Funds (ETF) inflows reinforce the bullish grip.
SoSoValue data shows that spot ETFs operating in the United States (US) saw inflows of $81 million on Wednesday, marking a three-day streak. BlackRock’s IBIT was the best-performing ETF with $51 million in daily net inflows, followed by Fidelity’s FBTC with $15 million. None of the 12 ETFs experienced outflows, backing the strong investor optimism narrative.
Investors are paying more attention to Ethereum despite the largest smart contracts token trading near its record high of $4,955. Ethereum spot ETFs recorded inflows of $307 million on Wednesday, bringing the cumulative total net inflow to $13.6 billion and the net assets to $30 billion. SoSoValue data shows that ETH ETFs have extended the inflow streak to four days, underscoring risk-on sentiment.
As for XRP, interest in the cross-border money transfer token remains relatively elevated, with the futures Open Interest (OI) holding above the $8 billion mark. In contrast, the OI peaked at $10.94 billion on July 22 after XRP hit a new record high of $3.66 on July 18. Steady interest could boost the OI in the coming days and weeks, as sentiment strengthens, increasing the chances of reaching a new all-time high.
Source: Fxstreet
