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- Today's Chart: Bitcoin is Set for Further Decline:
Bitcoin is currently trading below the 50-day Exponential Moving Average (EMA) at $84,081, the 100-day EMA at $89,939, and the 200-day EMA at $95,470. All three moving averages are trending downward, confirming bearish momentum that is likely to keep Bitcoin in a downtrend.
The Moving Average Convergence Divergence (MACD) indicator remains below the signal line on the daily chart, suggesting that investors may continue to reduce their market exposure. However, the shrinking red bars indicate a possible slowdown in bearish momentum, albeit gradually, which could pave the way for a bullish breakout.
According to the Relative Strength Index (RSI) on the same chart, at a level of 32, bearish momentum remains evident, and the decline may continue in the short term unless the indicator recovers toward the midline. The price is expected to retest the support level at $67,300, while reaching the high of $72,271 from Sunday remains possible if buyers can regain the $70,000 level.
Daily chart of the BTC/USDT pair
The cryptocurrency sector has been generally bearish since Bitcoin hit its all-time high of $126,199 on October 6, when the total market value reached $4.38 trillion.
The collapse on October 10 significantly dampened sentiment, making it difficult to sustain a recovery, while the Federal Reserve's decision to pause the monetary easing cycle in late January accelerated the sell-off.
In February alone, the market capitalization of cryptocurrencies decreased by about 10% to $2.4 trillion from $2.74 trillion, negatively impacting investor sentiment. At the same time, Bitcoin's price plummeted, testing the $60,000 level on Friday before briefly rebounding above $70,000.
Market Cap of Digital Assets | Source: CoinGecko
Bitcoin, Ethereum, and XRP attract institutional interest
Institutional investors continue to show interest in spot ETFs for Bitcoin, Ethereum, and XRP, as evidenced by the cash flows recorded on Monday.
US-listed Bitcoin spot ETFs continued their cash inflows for the second consecutive day, attracting $145 million from investors on Monday. According to SoSoValue data, inflows of $371 million were recorded on Friday.
Total inflows reached $54.83 billion, while net assets under management stood at $90.05 billion. Continued investment inflows in the coming days could support positive sentiment and increase the likelihood of Bitcoin rising above $70,000.
Bitcoin ETF Inflows | Source: SoSoValue
Meanwhile, Ethereum ETFs resumed capital inflows on Monday, receiving about $57 million. With this inflow, these ETFs end three consecutive outflows, which had negatively impacted the smart contract coin. Total inflows amount to $11.87 billion, with net assets under management at $12.42 billion.
Ethereum ETF Inflows | Source: SoSoValue
Cash inflows into US-listed spot XRP ETFs reached $6.3 million on Monday, bringing total inflows to $1.23 billion and net assets under management to $1.04 billion. Institutional investors continued their interest in XRP ETFs, marking four consecutive days of cash inflows.
XRP ETF Inflows | Source: SoSoValue