Bitcoin (BTC) rose above $112,000 on Wednesday, recovering from Tuesday’s sharp retracement when support held near $110,803. A daily close and breakout above the short-term resistance at $113,000 is needed to confirm further bullish momentum.
Altcoins also show signs of stabilization. Ethereum (ETH) remains above key support, while Ripple (XRP) approaches a technical breakout, eyeing $3.35 in the short term and the $3.66 record high in the medium term.
Data spotlight: Ethereum ETFs resume inflows
Institutional interest in Ethereum returned, with $44 million flowing into ETH spot Exchange-Traded Funds (ETFs) on Tuesday, ending a six-day outflow streak. BlackRock’s ETHA accounted for the entire inflow.
ETH spot ETFs now report cumulative net inflows of $12.67 billion, with total net assets at $27.39 billion. Bitcoin ETFs also saw renewed inflows—$368 million on Monday and $23 million on Tuesday—bringing cumulative net assets to $144.3 billion.
XRP shows growing retail conviction
XRP’s futures Open Interest (OI) rose to $7.91 billion on Wednesday from $7.37 billion on Sunday, reflecting growing retail confidence in a sustained recovery toward the $3.66 record high.
Chart of the day: Bitcoin eyes $120,000 breakout
BTC/USD holds above $112,000, supported by strong retail demand and expectations that the Federal Reserve (Fed) will cut interest rates on September 17. Technical indicators reinforce the bullish outlook: the MACD has been signaling a buy since Sunday, and RSI recovered to 49 from 38 on August 30, suggesting bearish momentum is fading. A sustained close above $113,000 could pave the way for a breakout toward $120,000.
Altcoins update: Ethereum consolidates, XRP targets breakout
Ethereum remains supported by the 50-day EMA at $4,096 but trades below its all-time high of $4,956. The RSI sits at 50, indicating market indecision, while the MACD maintains a sell signal since August 25, though signs of stabilization are emerging. A bullish crossover on the MACD could fuel ETH’s rebound.
XRP bulls aim to break resistance at $3.00, with the next target at $3.35. The MACD retains a buy signal, and RSI holds at 52. A daily close above the descending trendline and $3.00 would confirm further upside potential.
