Bitcoin (BTC) could be at risk of a near-term reversal following recent price increases, while the dismal performance of the Ether (ETH) futures exchange-traded fund (ETF) weighed on crypto majors.
“Bitcoin continues to tend to sell on growth and fails to launch a new attack on the 200-day moving average,” said Alex Kuptsikevich, senior market analyst at FxPro, in a note to CoinDesk. “Bitcoin has outperformed the stock market recently, but is now falling amid buying in the indices.”
“In the short term, Bitcoin appears more exposed to a decline than a rise,” the trader said, adding that Ether’s bearish trajectory has done little to boost confidence in the top token.
Ether and Bitcoin rose to one-month highs last week as six ETH ETFs went live in the US early Monday and traders expected high demand for the products.
However, their performance told a different story. Less than $2 million was traded across the various ETFs on Monday, with low volumes throughout the week prompting analysts to write off their bullish outlook and switch to Bitcoin investments instead.
This sentiment weighed on prices as Ether gave up almost all of its gains since last week, while Bitcoin generally hovered above support levels.
Crypto majors have barely moved in the last 24 hours after taking profits earlier this week and lacking catalysts. Bitcoin fell 0.5%, Ether slipped 1%, while XRP and BNB on the BNB chain were little changed.
Cardano’s ADA tokens were the only majors in green with a price increase of 2.2%. Elsewhere, Toncoin (TON) rose 8.8% with no immediate apparent catalyst, while Avalanche’s AVAX token extended gains from earlier this week with a 4% rise.
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