Bitcoin News Today: Bitcoin Dips Near $113,000 as LTC CRO ENA MNT Show Bullish Momentum

Bitcoin's recent performance has shown signs of weakness, with the price dropping near the $113,000 level after temporarily rising above $115,000. The market is currently testing the resilience of the $112,000 support level, a crucial threshold for determining the next direction of the asset. Institutional investors have adopted a cautious stance, evidenced by a $323.5 million net outflow from US spot Bitcoin ETFs on Monday. However, corporate entities have continued to view the dip as a buying opportunity, purchasing over 600 BTC [1].

Despite the broader market uncertainty, several altcoins, including Litecoin (LTC), Cronos (CRO), Ethena (ENA), and Mantle (MNT), have shown strength on the charts. These assets are exhibiting bullish patterns and are maintaining key support levels, which may indicate that they are better positioned to capitalize on any recovery in the overall market [1].

Litecoin has bounced off $107 and is currently trading above $122, with the RSI in the overbought zone, signaling a potential continuation of its upward trend. If it holds above $122, a move to $130 becomes more likely, with a break beyond that level potentially leading to a test of the $140 resistance [1].

Cronos has recovered from a brief dip below the 20-day SMA and is now trading above $0.13. The bulls are currently pushing for a break above $0.15, which would signal the resumption of an upward move. Should this level be breached, the next target for CRO could be $0.17 and then $0.19. However, a drop below $0.12 could shift the momentum back to the bears [1].

Ethena is showing signs of a positive reversal, with the bulls purchasing the dip to the 20-day SMA at $0.54. The current price action suggests that buyers are in control, and a break above $0.70 could trigger a move toward $0.82 and eventually $0.96. A breakdown below the 20-day SMA would be a bearish signal, potentially dragging the price down to $0.42 [1].

Mantle is forming a bullish inverse head-and-shoulders pattern, with the neckline at $0.85. A break and close above this level would confirm the pattern and could lead to a move toward $0.94, $1.06, and the pattern target at $1.15. The 4-hour chart shows that the pair has already broken above the 50-SMA, and if the price sustains above $0.92, a rally to $1 appears possible [1].

The mixed sentiment among institutional investors and the continued buying by corporate treasuries highlight the dynamic nature of the crypto market. While Bitcoin’s immediate future remains uncertain, the strong chart patterns in LTC, CRO, ENA, and MNT suggest that these altcoins could continue their upward trajectories if Bitcoin manages to stabilize above key support levels [1].

Sources:

[1] Bitcoin slumps, but LTC, CRO, ENA, and MNT remain strong on the charts (https://cointelegraph.com/news/bitcoin-slumps-but-ltc-cro-ena-and-mnt-remain-strong-on-the-charts?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)