Rises despite Middle East risk…Bitcoin, Ethereum, XRP surge

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

Despite the Middle East risk, institutional funds pushed Bitcoin and major altcoins to rebound simultaneously, rapidly revitalizing the market sentiment.

According to investment media FXStreet on April 20 (local time), Bitcoin (BTC) traded near $75,000, showing an upward trend compared to its short-term low of $73,724, while Ethereum (ETH) rose above the $2,300 mark, reflecting a recovery in risk asset preference. XRP (Ripple) also successfully defended against downside pressure by maintaining the $1.40 support level.

Market sentiment is also rapidly improving. The Crypto Fear & Greed Index rose to 29 from 27 the previous day, recovering significantly from 12 (extreme fear) last week. As the recovery in investor sentiment increases the likelihood of leading to increased demand, expectations for a short-term rebound are also growing.

Institutional fund inflows are considered a key driving force behind this rally. According to SoSoValue data, Bitcoin spot ETFs saw an inflow of $664 million in a single day, marking the highest since mid-January. Cumulative inflows reached $57.74 billion, and net assets amounted to $101.45 billion. Ethereum spot ETFs also recorded a daily inflow of $127 million, the highest since March, surpassing a cumulative $11.94 billion.

XRP also held its ground in institutional demand. XRP spot ETFs continued their upward trend with a daily inflow of $14 million, expanding cumulative inflows to $1.27 billion and net assets to approximately $1.11 billion. While the price secured support at the 50-day Exponential Moving Average (EMA) at $1.41, it remains below the 100-day and 200-day EMA resistance levels, indicating that a full upward reversal will take time.

Technically, Bitcoin has recovered its short-term upward structure by staying above its 50-day EMA of $71,907, but the 100-day EMA at $75,278 and the 200-day EMA at $82,816 are acting as overhead resistance. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicate moderate upward momentum, but the current trend is still insufficient to confirm a strong trend reversal.

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