Cryptocurrency Market Experiences Sustained Selling Pressure

The cryptocurrency market is currently under pressure, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) experiencing sustained selling pressure. According to technical analysis, BTC is consolidating its losses above $62,000, while altcoins are trading near lower support levels around $1,600 and $1.12, respectively.

The risk-off mood persists on Friday, despite mild ETF inflows of $3 million in Bitcoin spot Exchange-Traded Funds (ETFs). Ethereum spot ETFs outpaced Bitcoin and XRP, attracting approximately $19 million in inflows on Thursday. However, the sell-off among institutional investors aligns with the broader risk-off mood.

Technical analysis suggests that a break below the 200-day EMA at around $80,349 could signal an acceleration of the prevailing downtrend into the $50,000s for Bitcoin. Similarly, Ethereum and XRP are trading deep below their respective EMAs, hinting at a prolonged bearish structure.