Following recent price increases, Bitcoin (BTC) may be at risk of a short-term reversal as the poor performance of ether (ETH) futures exchange-traded funds (ETF) put pressure on key cryptos.
According to Alex Kuptsikevich, senior market analyst at FxPro, “Bitcoin continues to tend to sell on growth, failing to make a fresh attack on the 200-day moving average.” Bitcoin recently outperformed the stock market, but it is now retreating in opposition to the buying in the indices.
The trader stated that “in the short term, bitcoin seems more at risk of falling than rising,” adding that ether’s disappointing performance did little to increase confidence in top tokens. With traders anticipating strong demand, six ETH ETFs went online in the United States earlier on Monday, boosting ether and bitcoin to one-month highs.
Their performance, though, revealed a different narrative. Less than $2 million was traded across all ETFs on Monday, and low volumes throughout the week forced experts to downgrade their positive predictions and change their focus to bitcoin investments.
As a result, prices were affected, with ether losing almost all of its gains from the previous week while bitcoin has often remained above support levels.
After profit taking earlier this week and the absence of catalysts, major cryptocurrencies barely moved over the past 24 hours. While ether and Bitcoin declined by 1% and 0.5%, respectively, XRP and BNB Chain’s BNB saw little movement.
The only majors trading in green were Cardano’s ADA tokens, which had a 2.2% price increase. Avalanche’s AVAX tokens increased by 4% while toncoin (TONNE) rose 8.8% without a clear reason. These gains from earlier this week were continued by toncoin (TONNE), which rose 8.8%.