Bitcoin (BTC) holds above support at $95,000 at the time of writing on Friday, after retracing from its recent high of $97,924 amid profit-taking and emerging regulatory headwinds in the United States (US).
Ethereum (ETH) also holds above $3,300 support amid low retail demand. Meanwhile, Ripple (XRP) marks the third consecutive day of declines, weighed down by weakening technical and derivatives market structures.
Crypto Today: Bitcoin, Ethereum, XRP hold support amid waning retail demand
Bitcoin slips but holds above $95,000, weighed down by declining retail demand.
Ethereum trades narrowly between the 100-day EMA support and the 200-day EMA resistance.
XRP edges lower for the third consecutive day, driven by a persistently weakening derivatives market.
Bitcoin (BTC) holds above support at $95,000 at the time of writing on Friday, after retracing from its recent high of $97,924 amid profit-taking and emerging regulatory headwinds in the United States (US).
Ethereum (ETH) also holds above $3,300 support amid low retail demand. Meanwhile, Ripple (XRP) marks the third consecutive day of declines, weighed down by weakening technical and derivatives market structures.
Bitcoin, Ethereum, XRP struggle as retail demand falters
Bitcoin has had one of its strongest weeks in recent months, rising to a high of $97,924 on Wednesday. However, the uptrend, driven by optimism over softer-than-expected US core inflation, took a breather, forcing BTC to seek support around $95,000.
Despite steady institutional demand through spot Exchange Traded Funds (ETFs), which reached a cumulative weekly inflow of $1.81 billion on Thursday, retail interest continues to fall.
CoinGlass data shows the Bitcoin exchange Open Interest (OI) averaging $63 billion on Friday, down from $64 billion on Thursday and $66 billion on Wednesday. This persistent decline suggests investors are losing confidence in BTC’s short-term bullish outlook, potentially weakening the tailwind needed to propel prices higher.
Ethereum is similarly facing an ongoing slump in demand for futures on exchanges, as reflected in OI, which represents the notional value of outstanding futures contracts. The OI averages $41.27 billion on Friday, down from $41.41 billion on Thursday.
Meanwhile, the demand for XRP derivatives has persistently cooled, falling to $3.94 billion on Friday from $3.98 billion the previous day. The OI peaked at a yearly high of $4.55 billion on January 8, a move that coincided with XRP rising to $2.42. Further decline in the OI could drive the prices lower.
Chart of the day: Bitcoin trades under pressure
Bitcoin is trading above support at $95,000 at the time of writing on Friday, but remains below the 100-day Exponential Moving Average (EMA), which caps the upside at $96,009.
The Relative Strength Index (RSI) has stabilised at 64 on the daily chart, indicating that BTC is stable but lacks the momentum to break the 100-day EMA. Closing above this moving average would boost the short-term bullish outlook and increase the odds of a breakout toward the 200-day EMA at $99,521.
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