Bitcoin, Ethereum, XRP Sideways... Anxious Market Sentiment Continues

▲ Bitcoin (BTC), Ethereum (ETH), XRP / ChatGPT generated image ©

As Bitcoin (BTC) trades sideways in the $70,000 range without clear direction, the overall anxious investor sentiment in the market is limiting upward momentum.

According to investment media FXStreet on April 10 (local time), a short-term rebound occurred due to a ceasefire agreement between the US and Iran, but market sentiment remains subdued. Bitcoin is trading above $72,000, staying below its weekly high of $73,145, while Ethereum (ETH) is near $2,200 and XRP (Ripple) is below $1.35, all failing to find a clear direction.

Investor sentiment remains in the 'extreme fear' zone. The Fear & Greed Index saw a slight rebound to 16 from 14 the previous day, but risk-averse tendencies persist, acting as a factor limiting asset price recovery. Especially since the Middle East ceasefire is unstable, the outcome of future negotiations is considered a key variable that will determine market direction.

Fund flows were mixed across different assets. Bitcoin spot ETFs saw an inflow of approximately $358 million, accumulating $56.5 billion, and Ethereum spot ETFs also rebounded with a net inflow of $85 million. In contrast, XRP spot ETFs recorded an outflow of approximately $661,000, continuing a relatively weak trend.

Technically, Bitcoin maintains support above the 50-day Exponential Moving Average (EMA) at $70,587, but the 100-day EMA at $75,438 and the 200-day EMA at $83,808 are acting as overhead resistance. The Moving Average Convergence Divergence (MACD) index shows a favorable trend, and the Relative Strength Index (RSI) is around 58, indicating some buying pressure, but a clear breakout has not yet occurred.

Ethereum is also holding above its 50-day EMA, but remains in a limited rebound range with clear overhead resistance. XRP, on the other hand, maintains a bearish structure below its major moving averages, with $1.40 acting as a key resistance level. Analysts suggest that the market is likely to continue in a limited box-bound range for the time being, depending on ETF fund flows and geopolitical variables.

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