Bitcoin at Risk of $62,000... Ethereum and Ripple Also Fall Together

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

As Bitcoin (BTC) is pushed towards the $62,000 mark, Ethereum (ETH) and XRP (Ripple) are also falling towards $1,800 and $1.05 respectively, intensifying risk-off sentiment across the cryptocurrency market.

According to investment media FXStreet on August 3 (local time), the Crypto Fear & Greed Index remained in the 'Fear' zone at 28. With shrinking risk appetite limiting rebound potential and encouraging investor selling, Bitcoin and major altcoins uniformly showed weakness.

Institutional demand varied by asset. According to SoSoValue, US Bitcoin spot ETFs saw a net outflow of $61.53 million last week, ending a three-week streak of net inflows. In contrast, Ethereum spot ETFs recorded a net inflow of $17.42 million for the fourth consecutive week, with potential for recovery towards $2,000 if demand improves. XRP spot ETFs also saw a total inflow of $14.86 million for three consecutive weeks until last Friday. The cumulative net inflow was tallied at $1.51 billion, with an average net asset size of $989 million.

Bitcoin traded at approximately $62,555, falling below all its 50-day, 100-day, and 200-day exponential moving averages (EMAs) of $64,649, $67,177, and $72,823, respectively. The Relative Strength Index (RSI) dropped to 43, below the neutral line, and the Moving Average Convergence Divergence (MACD) showed negative values below the zero line, indicating selling dominance. For a rebound, Bitcoin needs to recover $64,649 and the breakout point of the downtrend line at $64,783. If the downtrend continues, the recent low of $62,275 could act as a temporary support level.

Ethereum remained below approximately $1,840, including its 50-day EMA of $1,850, 100-day EMA of $1,927, and 200-day EMA of $2,155. The MACD showed strong bearish signals in the bearish zone, and with the RSI at 48 (not oversold), there is room for further decline if selling pressure persists. To alleviate short-term pressure, it needs to close above $1,850 on a daily basis, after which $1,927 and $2,155 are expected to act as resistance levels, respectively.

XRP traded at approximately $1.06, falling below all its 50-day, 100-day, and 200-day EMAs of $1.12, $1.20, and $1.40, respectively. The RSI showed moderate bearishness at 44, and while the MACD also fell below the zero line, the shrinking negative histogram suggested weak downward momentum rather than sharp selling. In case of a rebound, $1.12-$1.13 will be the first resistance zone, followed by $1.20-$1.22, $1.28, $1.34, and $1.40-$1.42, which could sequentially limit upward movement. If further decline occurs, $1.01 is considered the next key support level.

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