BTC falls 3% from its previous high. ETH retreats again to the low $1,900s. XRP weakens after confirming resistance at $1.50
Design = Blockstreet Reporter Jeong Ha-yeon
Selling pressure across the market intensified after two consecutive days of massive net outflows from U.S. virtual asset spot ETFs and on-chain data from Arkham Intelligence showing the Kingdom of Bhutan selling Bitcoin for a third consecutive week. This prompted Tether dominance to once again surpass 8%, signaling a strengthening of risk-averse sentiment.
Bithumb Bitcoin (BTC) daily chart
As of 4:00 PM on the 13th , Bitcoin (BTC) was trading at $66,104, down approximately 3.3% from its previous high. Short-term rebounds appear to be limited by news of ETF fund outflows and large-scale selling of holdings.
Bithumb Ethereum (ETH) daily chart
Ethereum (ETH) fell 3.7% from its previous high, hitting $1,930 at the same time. After attempting to recover above $2,000, the price fell back to the low $1,900 range, continuing a period of short-term selling.
Bithumb Ripple (XRP) daily chart
XRP is currently trading at $1.35 after failing to settle in the $1.50 and $1.44 ranges, where it has turned into resistance. Technical analysis suggests further declines to the $1.20 range are possible.
The market believes that if Tether dominance stabilizes above 8%, further corrections across virtual assets cannot be ruled out. Conversely, a full-blown short-term rebound is only likely if dominance falls below 8% again.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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