Cryptocurrencies Price Prediction: Hyperliquid, Ethereum & Bitcoin – European Wrap 7 November

Hyperliquid Price Forecast: HYPE poised for $40 breakout as staking balance drops 2%

Hyperliquid (HYPE) is battling to hold short-term support at $37.00 at the time of writing on Friday, as a bearish wave sweeps across the cryptocurrency market. The perpetual decentralized exchange (DEX) token has declined from an intraday high of $40.75, reflecting a sticky bearish sentiment.

Hyperliquid is facing increasing selling pressure as its staking balance falls, according to DefiLlama’s Decentralized Finance (DeFi) Total Value Locked (TVL), which decreased by 2.32% over the last 24 hours to $2 billion.

Crypto Today: Bitcoin, Ethereum, XRP hold steady as ETF inflows resume

Bitcoin (BTC) holds above $101,000 at the time of writing on Friday amid improving sentiment in the broader cryptocurrency market as institutional demand returns. Meanwhile, altcoins, including Ethereum (ETH) and Ripple (XRP), are stabilizing above short-term support levels.

Bitcoin Exchange Traded Funds (ETFs) have resumed inflows after six consecutive days of outflows. According to SoSoValue data, US-listed BTC spot ETFs recorded approximately $240 million in inflows on Thursday, bringing the cumulative total to $60.52 billion and net assets to $135.43 billion.

Bitcoin Weekly Forecast: $100K on the knife-edge

Bitcoin (BTC) price continues to trade in red, below $101,000 at the time of writing on Friday, having dropped more than 8% so far this week. The decline comes amid mounting selling pressure from long-term holders, who continue to offload their positions. However, historical data offers a glimmer of hope for the bulls, as November is traditionally Bitcoin’s strongest month, delivering an average return of 42%.

Bitcoin price began the week on a bearish note, dropping to $98,944 on Tuesday — its lowest level since June 23. The decline has been exacerbated by increased selling by long-term holders, as shown in the graph below. The BTC supply last active within the past 180 days has surged by 319,626 BTC over the past month, indicating accelerated distribution by Bitcoin OGs.