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Bearish cryptocurrency sentiment is intensifying as Bitcoin, Ethereum and XRP struggle against inflation concerns, institutional withdrawals and liquidations. Santiment noted that widespread pessimism could precede a relief rally, although recovery remains uncertain.
On November 10, Santiment warned, “Retail fear is reaching a boiling point as crypto tests major lows!” Its bullish-to-bearish commentary ratios stood at 0.82 for Bitcoin, 0.88 for Ethereum and 0.49 for XRP. These figures indicate 82, 88 and 49 positive comments, respectively, for every 100 negative comments.
Ethereum’s ratio reached 2.05 on October 13, illustrating deteriorating optimism. XRP’s reading also weakened from 0.67 on October 1. “Major cryptocurrency market rallies rarely begin when everyone expects one,” Santiment observed. However, sentiment alone cannot confirm recovery.
Ethereum declined approximately 15.44% over the past 7 days. On November 10, ETH futures liquidations reached USD 254.8 million, including USD 193.3 million in long positions. October US consumer inflation increased 0.4% monthly, exceeding the 0.3% forecast, while core inflation rose 0.3% against expectations of 0.2%.
CME FedWatch tool indicates that traders assigned a 90.5% probability to a 25-basis-point December rate increase. Meanwhile, SoSoValue reported USD 299.90 million in US spot Ethereum ETF outflows.
XRP traded around USD 1.0414, down 1.6% in the last 24 hours. According to SoSoValue, spot XRP exchange-traded funds (ETFs) registered USD 7.62 million in outflows on November 10. Technical indicators pointed to weakness.
XRP remained below moving averages, while USD 1.0609 represented resistance. Analysts outlined a USD 0.9372-USD 1.0844 trading range over the next two to three days. Oversold indicators suggested rebound potential, although bearish momentum remained evident.
Bitcoin reclaimed USD 74,000 yesterday before losing some gains today as it trades at USD 73,531, falling 0.30% over 24 hours. CoinGlass data suggested that cryptocurrency liquidations reached USD 356.16 million on November 10.
Long positions accounted for USD 280.40 million, highlighting pressure on leveraged bullish traders. Bitfinex analysts identified USD 75,900-USD 77,500 as Bitcoin resistance, with an options-implied trading range of USD 72,350-USD 79,400 ahead of November 13 expiry.
Also Read: Ethereum Wallet Sells 4,785 ETH as Price Dips Near USD 2,000