Crypto investors await key support levels
Bitcoin (BTC) is trading above $91,000 at the time of writing on Tuesday, slightly down on the day but trimming earlier losses, weighed by risk-off sentiment across the broader cryptocurrency market. Altcoins including Ethereum (ETH) and Ripple (XRP) are showing mild recovery signs, hovering above $3,000 and around $2.18 respectively, yet the overall trend remains bearish.
Institutional demand remains muted as spot Exchange Traded Funds (ETFs) in the United States continue to experience steady outflows. US-listed Bitcoin ETFs recorded approximately $255 million in outflows on Monday, extending last week’s losses. The cumulative net inflow volume now stands at $58.6 billion, with net assets totaling $121 billion.
Ethereum ETFs are also facing prolonged outflows, with nearly $183 million withdrawn on Monday. The last recorded inflow occurred on November 6. According to SoSoValue, cumulative inflows for ETH ETFs stand at $12.95 billion, with net assets at $18.76 billion. If outflows persist, Ethereum’s recovery prospects in the short to medium term may remain limited.
XRP’s futures market remains subdued, with Open Interest (OI) averaging $3.6 billion on Tuesday. This sideways movement suggests muted investor interest, as traders reduce exposure or stay on the sidelines amid uncertainty.
Bitcoin is trading above $91,000 after rebounding from an intraday low of $89,253. However, technical indicators point to further downside. The 50-day Exponential Moving Average (EMA) has crossed below the 200-day EMA, forming a Death Cross pattern—a bearish signal reinforcing negative sentiment.
The Relative Strength Index (RSI) has entered oversold territory at 27, while a sell signal from the MACD indicator, triggered on November 3, continues to pressure investors to reduce risk exposure.
To stabilize, Bitcoin must confirm a daily close above $90,000. Failure to do so could open the door to a deeper correction toward $80,000.
Ethereum is holding above $3,000 after recovering from a low of $2,946. However, RSI remains near oversold levels, and the MACD continues to signal selling pressure. ETH trades below key moving averages:
50-day EMA: $3,706
100-day EMA: $3,782
200-day EMA: $3,564
A break below $2,946 could lead to a test of support at $2,880. On the upside, a daily close above $3,000 may initiate a recovery toward the 200-day EMA.
XRP is attempting a rebound after testing support at $2.10, but low retail interest and fading investor confidence weigh on momentum. RSI is steady at 39; crossing above the midline could improve short-term outlook.
Key resistance levels for XRP include:
$2.40 (tested on November 6)
50-day EMA: $2.48
200-day EMA: $2.55
100-day EMA: $2.59
If bearish sentiment persists, XRP could revisit support at $2.07 and $1.90.