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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
Major virtual assets, including the leading cryptocurrency Bitcoin (BTC) and altcoin leaders Ethereum (ETH) and XRP (Ripple), have all successfully rebounded slightly despite the exodus of funds from institutional investors, reigniting the market's spark toward reclaiming the $80,000 mark.
According to FXStreet, an investment media outlet, on April 29 (local time), the virtual asset market is showing an overall upward trend, overcoming the previous day's slight correction. Bitcoin, in particular, tested support near $75,600 and then rose above $77,000, with buyers strongly targeting a breakthrough to $80,000. However, behind this price recovery lies a chilling institutional demand in the spot Exchange Traded Fund (ETF) market, raising concerns that it could suppress further gains.
According to SoSoValue data, US Bitcoin funds recorded a net outflow of approximately $263 million on Monday, followed by nearly $90 million on Tuesday, showing a clear slowdown in demand. Ethereum spot ETFs also saw outflows for two consecutive days, with approximately $50 million on Monday and $22 million on Tuesday. In contrast, the XRP Exchange Traded Fund bucked the overall market's outflow trend, achieving a positive net inflow of $2.2 million on Tuesday, drawing attention.
Currently trading at $77,037, Bitcoin is maintaining a short-term positive trend, trading above its 50-day exponential moving average (EMA) of $73,609 and its 100-day EMA of $75,666. The Relative Strength Index (RSI) on the daily chart is around 58, indicating appropriate upward momentum, but the Moving Average Convergence Divergence (MACD) histogram slipping below the zero line suggests that buying pressure could weaken as it approaches resistance levels. To increase gains, it must overcome the weekly high of $79,486 and the key resistance of the 200-day EMA at $82,072.
Ethereum has rebounded to $2,324, finding stability above its 50-day exponential moving average (EMA) of $2,246, but further upside is limited by significant overhead resistance at the 100-day EMA of $2,349 and the 200-day EMA of $2,564. The Relative Strength Index (RSI) is at 54, and the Moving Average Convergence Divergence (MACD) has entered negative territory, indicating that market sentiment remains mixed. For a clear bullish reversal, it must break through the 100-day EMA and overcome the descending trend line at $2,477.
Despite its recent rebound, XRP, trading at $1.39, remains trapped below its 50-day exponential moving average (EMA) of $1.41, 100-day EMA of $1.52, and 200-day EMA of $1.75, failing to escape an overall bearish chart structure. The SuperTrend line at $1.30 is acting as the primary support, and recovering $1.41 on a daily basis is the most urgent task to alleviate bearish pressure.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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