Cryptocurrencies are trying to stave off declines caused by the retreat in the US stock market, where semiconductor companies are losing mightily today, with the Nasdaq 100 retreating nearly 3%.
- Nonetheless, Bitcoin has defended the key psychological level of $100,000 and is trying to resist a stronger downward move, which could potentially bring the price down as low as $90,000, where the average purchase price of long-term investors (STH) currently runs.
- Declines are also seen among other smaller cryptocurrencies, with Ethereum struggling to stay above $3100; Chainlink losing nearly 10%; and Dogecoin retreating nearly 6%. Ten-year U.S. treasury yields are losing more than 7 basis points today to just under 4.55%, but dollar weakness is not supporting the trend around Bitcoin.
Bitcoin (D1 interval)
Bitcoin has rebounded from the 23.6 Fibonacci retracement of the October 2024 upward wave at around $100,000. 
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Ethereum today fell below a key support level, in the form of the EMA200 average (red line), at $3,000. The lack of strength to overcome $3200 could signal a more permanent reversal to a downtrend.
Source: xStation5
ETF inflows - still positive
Inflows into Bitcoin ETFs were positive on Friday, amounting to more than $500 million, despite weaker sentiment on Wall Street. Investors will be closely scrutinizing the balance of today's moves made by the funds, reacting to the declines, in the US stock market. The large magnitude of the outflows, coupled with the weak closing of the stock market on Monday, may put some pressure on the price of BTC. On the other hand, a positive result today could be seen as extremely positive evidence of the strength and conviction of investors buying shares in ETFs.
Source: Bloomberg Finance L.P, XTB Research
