 ▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP) / ChatGPT-generated image © |
The total market capitalization of cryptocurrencies has plunged 10% in February alone, putting the $2.4 trillion level at risk, while major coins led by Bitcoin (BTC) continue to walk a tightrope at key support levels. Amid broad risk-off sentiment, institutional inflows into spot exchange-traded funds (ETFs) persist, drawing attention to whether they could ignite a market rebound.
According to investment outlet FXStreet on February 10 (local time), the cryptocurrency market has remained in a sustained downtrend since hitting an all-time high of $4.38 trillion on October 6, shrinking in February alone from $2.74 trillion to $2.4 trillion in total capitalization. This is widely attributed to a sharp cooling of investor sentiment after the Federal Reserve temporarily paused monetary easing at the end of January. Bitcoin tested the $60,000 level last Friday and is now moving sideways near $69,000.
Contrary to prevailing market fear, institutional interest appears resilient. Data from SoSoValue show that U.S.-listed Bitcoin spot ETFs recorded $145 million in inflows on Monday, marking a second consecutive day of net inflows. Ethereum (ETH) spot ETFs also attracted $57 million, breaking a three-day streak of outflows, while XRP (Ripple) spot ETFs pulled in $6.3 million, extending inflows for a fourth straight day.
However, technical indicators continue to flash clear bearish signals. Bitcoin’s price remains below its 50-day, 100-day, and 200-day exponential moving averages (EMAs), indicating dominant downside momentum. On the daily chart, the Moving Average Convergence Divergence (MACD) stays below the signal line, while the Relative Strength Index (RSI) stands at 32, suggesting persistent selling pressure. Analysts warn that a failure to reclaim $70,000 could push Bitcoin down to the $67,300 support level.
As the leading altcoin, Ethereum is struggling to defend the psychological $2,000 support. With the RSI dropping to 30, the downtrend has intensified, and the MACD is also signaling weakness, prompting calls for tighter risk management. As all major moving averages slope downward, a breakdown below $2,000 could open the door to further downside toward last Friday’s low of $1,747.
XRP is holding the $1.40 support, but with the RSI falling below 35, momentum for a technical rebound remains weak. If it fails to break through the initial resistance at $1.50, selling pressure could intensify, risking a pullback to $1.37 or, in the worst case, to the October low of $1.25. Still, if stability is found at current support, a rebound attempt fueled by bargain buying cannot be ruled out.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses incurred based on this content. The information should be interpreted solely for informational purposes.*