U.Today – Approaching $55,000, the price continues to show signs of weakness, with a drop to $52,000 looking increasingly likely. Bearish sentiment has been evident in recent market data, especially among institutional investors who are pulling their money out of Bitcoin-linked ETFs.
On September 5, 2017, there were $211 million in net withdrawals from spot Bitcoin ETFs, the seventh consecutive day of outflows. Notable ETFs saw a $23.2 million withdrawal from Grayscale’s GBTC ETF and a significant loss of $149 million from Fidelity’s FBTC ETF. Bitwise’s BITB ETF saw a $30 million withdrawal following the same pattern.
As a result, the degenerating institutional interest in the market is reflected in the total net asset value of the Bitcoin spot ETF, which currently stands at $50.7 billion. The asset is currently trading below its 200 EMA, indicating a medium to long-term downtrend, according to the Bitcoin price chart.
The price is currently in a downtrend, and this downtrend is expected to continue unless there is a noticeable change in market sentiment. The $52,000 level, which is at the bottom of the downtrend, is the next significant level to watch. An even more significant sell-off could occur if the price breaks through this level and continues to fall.
The bearish view is further supported by decreasing volume, which indicates that bulls do not have enough strength to push the price higher at this point. A dearth of supportive market catalysts and institutional outflows seem to be the main reasons for the immediate selling pressure seen in Bitcoin. On the horizon, $52,000 is a critical level to watch. Investors should brace for additional declines.
I’m still sleeping
The Shiba Inu market continues to show signs of stagnation, trading in a narrow sideways range, indicating a current lack of interest from sellers and buyers. The lack of significant moves in either direction supports the idea that investors are ignoring the asset in favor of other opportunities.
From examining the provided chart, it is clear that SHIB is trading in an extremely tight range and has not made any significant price changes. Typically, volatility is a key sign of market activity and its absence indicates that SHIB is struggling to generate any excitement.
There was no movement from the 10% threshold, suggesting that institutional and retail investors are detached. Another obstacle to any upside is the technical position of SHIB price, which is stuck below significant moving averages. The asset is struggling to make any significant recovery due to forceful resistance levels at 50-, 100- and 200-day EMAs.
The narrative that few traders are currently interacting with the asset is supported by the continued low volume. Due to the lack of near-term profit opportunities presented by the price action, SHIB holders likely feel as if they are in a perpetual slumber during this inactive period. It seems that SHIB has been overlooked and left in a state of uncertainty, even though the overall cryptocurrency market may be volatile.
it’s out
The 200-day moving average, which is considered a key indicator of market direction, was broken by XRP, indicating a sell-off. This drop below such a significant level suggests a more bearish outlook for the cryptocurrency, suggesting that XRP could see more short-term declines.
The XRP price is struggling to maintain any kind of momentum as it breaks below a number of significant moving averages, including the 50- and 100-day EMAs, with the 200-day EMA now serving as resistance, according to the provided chart analysis. This is a sign of waning buying interest and increasing selling pressure that XRP has been unable to sustain the $0.55 level.
While not enough to cause a significant change, the Relative Strength Index of 39 indicates that XRP is approaching oversold territory. The view that buyers are reluctant to intervene and offer support for the recovery is further supported by the low trading volume, which indicates that bears currently control market sentiment.
The recent troubles experienced by the cryptocurrency market as a whole reflect the collapse of XRP in the broader market situation. Along with the general decline in all assets, institutional investor withdrawals from Bitcoin are also showing weakness.
These broader market dynamics have likely had an impact on XRP’s recent price action. With no clear catalyst appearing to break the trend, XRP’s path of least resistance appears to be further down.
