Despite positive sentiment in global markets and a strong stock market session in Europe, cryptocurrencies are still struggling to maintain momentum in the bull market. Bitcoin retreated to $95,000 today and is now trading nearly 7% below its local highs around $102,000, which it reached shortly after testing the $90,000 level.
The leading cryptocurrency pulled back to the 61.8 Fibonacci retracement of the last upward impulse and failed to hold above the 23.6 Fibonacci level, which coincides with the psychological barrier of $100,000. Neither the weak dollar, the bull market in the US and Europe, nor the economic recovery in China translated into higher cryptocurrency prices. The TRUMP token and Ripple cryptocurrency prices are down around 5% today.
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Source: xStation5
Compared to Bitcoin, Ethereum continues to appear significantly weaker, struggling with the 71.6 Fibonacci retracement of the latest upward wave.
Source: xStation5
Over the past sessions, interest in Bitcoin ETFs has slightly weakened; the last session recorded inflows of just under $60 million.
Source: XTB Research, Bloomberg Finance L.P.
A similar stagnation is observed in Ethereum ETFs, although in the long runâsimilar to BTC since Januaryâthe overall balance remains highly positive. However, this has not been enough to drive prices higher, indicating that the supply likely comes from long-term holders, while trading volume in Bitcoin ETFs has recently declined. As a result, Bitcoin is finding it increasingly difficult to absorb the selling pressure.
Source: XTB Research, Bloomberg Finance L.P.
