He cryptocurrency market It still does not define a clear trend. Bitcoin (BTC) goes back moderately and quotes around US $ 95,500, according to the binance price, while Ethereum (ETH) loses 1% and falls below US $ 2,700.
Altcoins show even weaker performance. Assets such as XRP, Binance Coin (BNB), Dogecoin (Doge), Cardano (ADA) and Chainlink (Link) record falls between 2% and 5% in the last 24 hours. In particular, Solana (Sol) stands out with a correction of more than 8%. Despite these descents, some assets try to stabilize in the early hours of the day.
According to Simon Peters, an Etoro analyst, cryptocurrencies are trapped in a consolidation phase without a clear direction. In the case of Bitcoin, the contribution range seems to have narrowed between 95,000 and $ 98,000, without breaking any of these levels with conviction.
The crypto fear and greed index (‘Crypto Fear and Greed Index’) suggests that investors maintain a caution posture, in a context where macroeconomic conditions continue to weigh on the feeling of the market. Hani Abuagla, senior analyst at XTB Mena, argues that prices could continue to operate in narrow ranges while waiting clearer or catalysts that drive a defined trend.
Macroeconomic factors and its impact on the market
Recent economic decisions in the United States have generated uncertainty in markets. The hardening of commercial policies, together with inflation data above what is expected, reinforce the expectation that the Federal Reserve maintain a more conservative position regarding interest rate cuts.
In the international arena, advances in peace negotiations in Ukraine, led by the United States and Russia but without the participation of the European Union or kyiv, have also captured market attention. In parallel, capital entry into Europe suggests that investors are diversifying their positions outside the US market, although it is still early to determine whether this represents a structural change or a speculative reaction.
Institutional investment and movements in the ETFs market
Despite uncertainty, some ‘on-chain’ indicators show solid foundations for Bitcoin. The reduction of the supply of BTC in the exchanges and the increase in the flow to quoted funds (ETF) reflect a consolidation of the market promoted by the institutional interest.
On the other hand, Etfs of Ethereum have captured greater attention in recent days. Farside Investors data show that the nine ETH funds in the US have accumulated net tickets of 393 million dollars so far in February, seven times more than in January. In contrast, Bitcoin ETFs have registered net exits of 376 million dollars in the same period.
The Omkar Godbole strategist points out that this change in the interest of investors could be promoted by ‘Carry Trading’ strategies, in which ETFs are bought in cash while selling ETH futures in the CME derivative market.
However, this growing interest in Ethereum has not yet been reflected in a price rebound. However, some analysts are optimistic about their evolution. Nick Forster, founder of Derive.xyz, points to the tong update, scheduled for April, as a catalyst potential for ETH. This improvement will introduce faster transactions and better ‘staking’ mechanisms, which could favor a bullish movement of the asset.
Key levels to follow
From a technical approach, Bitcoin maintains its upward structure while respecting the support of $ 90,000. In case of losing this level, a more pronounced correction could be generated. On the contrary, the key resistance is at $ 100,000, with a projection of up to 108,000 if it manages to overcome it strongly.
In the short term, investors remain attentive to the evolution of the macroeconomic market and the possible consolidation of Ethereum as an investment alternative, in a context where caution continues to predominate.
Source: Ambito
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