$BTC - $ETH and $XRP are dipping as the bearish pressure intensifies
* The #bitcoin drops below $73,000 on Monday, risking a break towards $70,000 amid a deteriorating sentiment in the crypto market.
* #Ethereum is trading below $2,000 as the bearish momentum picks up amid persistent ETF outflows.
* #Ripple is down 2% on Monday, testing the support at $1.30 while bearish pressure prevails over institutional inflows.
Market sentiment is weakening amid institutional restructuring
The broader crypto market sentiment shows signs of risk aversion amid constant ETF outflows. CoinMarketCap data shows the Fear and Greed Index at 34 on Monday, down from 52 on May 11, suggesting waning risk appetite among investors.
The weakening market sentiment indicates that the bears are regaining control. Three consecutive weeks of outflows in Bitcoin and Ethereum ETFs support the bearish dominance.
Bitcoin ETFs saw outflows of $2.43 billion last week, driven by three consecutive weeks of outflows exceeding $1 billion, as previously reported by FXStreet. Meanwhile, Ethereum's third consecutive weekly outflow recorded $241 million last week.
On the flip side, XRP ETFs recorded inflows of $15.20 million last week, bringing total inflows to $131.94 million in May. Collectively, the data suggests reduced interest in major cryptocurrencies and a shift towards altcoins.
On the bullish side, unless buyers can reclaim and hold above the 50-day EMA at $1.3824, the pair is likely to trade with a heavy tone, where any bounce is likely to find resistance near these moving average ceilings rather than triggering a sustained trend recovery.
* The #bitcoin drops below $73,000 on Monday, risking a break towards $70,000 amid a deteriorating sentiment in the crypto market.
* #Ethereum is trading below $2,000 as the bearish momentum picks up amid persistent ETF outflows.
* #Ripple is down 2% on Monday, testing the support at $1.30 while bearish pressure prevails over institutional inflows.
Market sentiment is weakening amid institutional restructuring
The broader crypto market sentiment shows signs of risk aversion amid constant ETF outflows. CoinMarketCap data shows the Fear and Greed Index at 34 on Monday, down from 52 on May 11, suggesting waning risk appetite among investors.
The weakening market sentiment indicates that the bears are regaining control. Three consecutive weeks of outflows in Bitcoin and Ethereum ETFs support the bearish dominance.
Bitcoin ETFs saw outflows of $2.43 billion last week, driven by three consecutive weeks of outflows exceeding $1 billion, as previously reported by FXStreet. Meanwhile, Ethereum's third consecutive weekly outflow recorded $241 million last week.
On the flip side, XRP ETFs recorded inflows of $15.20 million last week, bringing total inflows to $131.94 million in May. Collectively, the data suggests reduced interest in major cryptocurrencies and a shift towards altcoins.
On the bullish side, unless buyers can reclaim and hold above the 50-day EMA at $1.3824, the pair is likely to trade with a heavy tone, where any bounce is likely to find resistance near these moving average ceilings rather than triggering a sustained trend recovery.