Traders sell Ether, Solana, XRP rallies; Monero tops $640

Crypto markets showed mixed signals on Tuesday as a short-lived rebound ran into fresh selling pressure, reinforcing a broader shift toward a sell-the-rally regime that analysts say could define the coming months.

Bitcoin BTC$92,129.45 briefly jumped toward $92,500 before reversing sharply, slipping back near $90,300 as sellers stepped in around technical resistance. At press time, bitcoin was testing its 50-day moving average, a level traders are watching closely.

“A slip below $90,000 could have a strong psychological effect,” said Alex Kuptsikevich, chief market analyst at FxPro. “That could quickly open a move toward $87,000 and potentially much lower levels if confidence breaks.”

Ether ETH$3,131.98 tracked a similar pattern, failing to build momentum and slipping back toward $3,120. XRP$2.0626 extended its decline for a seventh straight session, falling toward the $2.00 level and its own 50-day moving average. While XRP remains up about 10% year-to-date, Kuptsikevich said early-January momentum has clearly faded as traders increasingly sell into strength rather than chase upside.

That dynamic reflects a broader repositioning across crypto markets.

December trading was largely sideways as liquidity thinned during the holidays, and January’s early rally has so far struggled to attract a sustained follow-through.

Derivatives data supports that view. Open interest in bitcoin futures has dropped to its lowest level since late 2022, according to CryptoQuant. Historically, such declines have preceded consolidation phases and, in some cases, later bullish reversals as leverage resets.

There are also signs that forced selling pressure is easing. JPMorgan analysts recently pointed to stabilization in ETF outflows and improving positioning in perpetual futures and CME markets as early indicators that the worst of the sell-off may be over.

But one corner of the market has stood out against that backdrop.

Monero surged roughly 44% over the past eight days, hitting record highs above $600 on Monday and trading near $640 on Tuesday. Data from Santiment shows the rally coincided with a sharp increase in attention toward privacy-focused assets, with monero emerging as the sector’s clear leader.

“The privacy sector has been a breath of fresh air,” Santiment noted, though it cautioned that pullbacks often follow periods of elevated social hype.

Macro conditions remain an important influence. Global equities continued to rally, with Asian stocks hitting record highs as investors broadened exposure beyond U.S. markets. The MSCI All Country World Index edged to a new peak, while European equity futures pointed higher. U.S. stock futures were softer after the S&P 500 closed at a record.

Treasury yields ticked up modestly, with the U.S. 10-year rising to about 4.19%. Gold and silver pared earlier losses after Citigroup issued a bullish outlook, while Brent crude touched its highest level since November following comments from President Donald Trump on potential tariffs tied to Iran.

Some analysts see this environment as quietly supportive for crypto over the medium term.

Lacie Zhang, research analyst at Bitget Wallet, said in an email that stabilizing prices in bitcoin and ether suggest the market is rebuilding conviction rather than chasing speculative bursts.

“Questions around central bank independence, a softer U.S. dollar, and expectations of more accommodative policy tend to favor scarce, non-sovereign assets,” Zhang said. She sees bitcoin potentially moving toward $120,000 over the next several months if sentiment improves, with longer-term upside tied to sustained institutional demand rather than episodic hype.

For now, traders appear content to sell strength, rotate selectively, and wait for clearer signals. Monero’s breakout shows pockets of conviction still exist, but the broader market is signaling patience rather than panic or euphoria.