Bitcoin falls back below $70,000, weakening short-term momentum. ETH fails to recover above $2,100, re-entering the selling pressure zone. XRP trades sideways in the $1.40 range... Further rebound hinges on whether it can settle at $1.51.
Design = Blockstreet Reporter Jeong Ha-yeon
Bitcoin and Ethereum recovered to $70,000 and $2,100, respectively, early today, as US virtual asset spot ETFs saw a net inflow of $201.9 million the previous day, but the market sentiment quickly cooled in the afternoon. As of 4 p.m., Tether dominance had risen again to 7.95%, giving back most of the previous day's gains, which is interpreted as a signal that preference for stablecoins remains dominant over risky assets.
Bithumb Bitcoin (BTC) daily chart
Bitcoin (BTC) is trading at $68,904 as of 4:00 PM today, breaking below $70,000 again. In the short term, $68,770 serves as a key support level, and a break below that level could trigger further corrections. However, some analysts believe that for the price to continue its rebound, it must re-establish itself above $70,000 and be accompanied by a recovery in trading volume.
Bithumb Ethereum (ETH) daily chart
Ethereum (ETH) is trading at $2,005, failing to recover to $2,100. Technically, the $1,954 level serves as a key short-term support level, and if ETH fails to hold that level, selling pressure could intensify. Unless the overall market risk aversion eases, a clear trend reversal appears limited.
Bithumb Ripple (XRP) daily chart
XRP is trading at $1.41, maintaining a relatively stable trend. However, a key variable for further upward movement is whether the price stabilizes at the $1.513 level. If it recovers to that level, a short-term rebound attempt is possible, but if it fails, the price is likely to remain within a range.
This paper analyzes this trend as a reaffirmation of the overall market's wait-and-see mentality, with Tether dominance rising again despite ETF fund inflows. In the short term, volatility is likely to continue, and a clear downward trend in Tether dominance below 7.42% is expected to precede a change in the virtual asset market trend.
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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