• Bitcoin trades above $105,000, pinned down by overhead pressure, low ETF inflows, and weak retail demand.

• Ethereum remains below the 200-day EMA as traders increasingly pile into short positions.

• XRP derivatives market gains momentum as futures Open Interest rises above $4 billion.

Bitcoin (BTC) is trading above $105,000 at the time of writing on Tuesday, after giving back part of the gains accrued the previous day. Altcoins, including Ethereum (ETH) and Ripple (XRP), are also cooling down, reflecting possible profit-taking and risk-off sentiment.

Institutional and retail demand remain largely suppressed, meaning investors are not convinced the trend has shifted from bearish to bullish. Some key technical indicators also lean bearishly, suggesting traders reduce exposure or stay on the sidelines, at least in the short term.

Data spotlight: BTC, ETH, XRP face low institutional demand, retail interest 

Institutional demand for Bitcoin has taken a back foot over the last two weeks, as investors navigate macroeconomic uncertainty worsened by the record-breaking United States (US) government shutdown. 

Persistent outflows from Bitcoin spot Exchange Traded Funds (ETFs) highlight the lack of interest in related digital asset investment products. According to SoSo value data, ETF inflows were at $1.15 million on Monday.

The last two weeks have been characterised by outflows of $1.22 billion and $799 million, respectively. Meanwhile, the cumulative total net inflow volume averages $59.97 billion with net assets at $141.54 billion on November 10.

Retail demand has also not picked up following the October 10 deleveraging event, which saw over $19 billion in crypto assets liquidated in a single day. The Bitcoin futures Open Interest is at $68.37 billion at the time of writing, down from $71 on November 1 and $94.12 billion, the October peak.

Ethereum ETFs recorded zero net flows on Monday, leaving the cumulative total net inflow at $13.86 billion and net assets at $23.43 billion.

Meanwhile, traders are piling into short positions, as evidenced by the OI-Weighted Funding Rate metric falling to 0.0007% on Tuesday, from 0.0067% the previous day. 

XRP, unlike Bitcoin and Ethereum, has experienced a turnaround in retail demand, with the OI rising to $4.11 billion on Tuesday from $3.36 on Monday. The increase coincided with the price rising to a weekly high of $2.58, highlighting the role retail traders play in pushing prices higher.

Chart of the day: Bitcoin holds key support 

Bitcoin is trading above $105,000 at the time of writing after its two-day uptrend stalled at around $107,450. Both bulls and bears are battling to take control, as reflected by key technical indicators on the daily chart.

The Moving Average Convergence Divergence (MACD) momentum indicator is poised to trigger a buy signal if the blue line crosses above the red line. Traders will watch for green histogram bars above the mean line to ascertain that bullish momentum is increasing.

A break above the 200-day Exponential Moving Average (EMA) at $107,999 would validate BTC's short-term bullish outlook toward the round-number resistance at $110,000.

Still, traders must be cautiously optimistic, particularly with the Relative Strength Index (RSI) at 44 and declining. Lower RSI readings indicate easing bullish momentum and increase the odds of a correction toward $100,000. 

Altcoins update: Ethereum, XRP offer mixed signals 

Ethereum is trading below the 200-day EMA at $3,595 at the time of writing on Tuesday, weighed down by potential profit-taking and reduced risk-on sentiment following Monday's upswing to highs around $3,656.

The RSI at 43 looks aimed for a steady advance on the daily chart, indicating that bullish momentum is cooling. If it declines, Ethereum may extend its down leg toward the next support at $3,350, which was last tested on Sunday.

Conversely, the MACD is poised to flash a buy signal on the same chart if the blue line crosses and settles above the red line and the indicator generally rises. A buy signal would encourage bulls to seek exposure, further tailwinding a breakout above the 200-day EMA at $3,695.

As for XRP, the price is edging lower, down nearly 3% at the time of writing to $2.45. The cross-border remittance token is also trading below key moving averages, including the 50-day EMA at $2.56, the 200-day EMA at $2.58, and the 100-day EMA at $2.64, all of which are acting as resistance levels.

The RSI is at 49 amid a retreat from Monday's 52 high. This suggests easing bullish momentum, which may limit the anticipated uptrend toward $3.00 in the short to medium term.

The MACD had maintained a buy signal since Monday, calling upon investors to increase their risk exposure. However, XRP must step above the 50-day and 200-day EMAs to uphold the short-term bullish outlook.