Bitcoin News Today: Bitcoin dips below $115k as LTC CRO ENA MNT hold upward momentum

Bitcoin faces a critical juncture as bears attempt to control the $112,000 support level, pulling the price down to around $113,000 after briefly breaching $115,000 [1]. Institutional investors have grown cautious, evidenced by a net outflow of $323.5 million from U.S. spot Bitcoin ETFs on Monday. However, corporate entities are treating the dip as an opportunity, with more than 600 BTC added to corporate treasuries [1]. A similar trend is observed in Ethereum, where ETF outflows hit a record $465 million, yet large whale or institutional buying activity has emerged onchain through over-the-counter deals [1].

While Bitcoin remains under pressure, Litecoin (LTC), Cronos (CRO), Ethena (ENA), and Mantle (MNT) continue to show resilience in the market. Litecoin has bounced off $107 and is now trading above $122, with the potential to rise to $130 if bulls manage to hold the level [1]. The 4-hour chart suggests that buyers are attempting to flip $122 into support, and a break above it could signal a stronger move to $140 [1].

Cronos (CRO), after a dip below its 20-day SMA on Saturday, saw a rebound above $0.13 on Sunday. The RSI near 58 suggests a bullish bias, and if the price breaks above $0.15, it could continue upward to $0.19 [1]. However, a drop below $0.12 could see the price retrace to the 50-day SMA at $0.10 [1].

Ethena (ENA) has shown a positive trend with a rebound to the 20-day SMA at $0.54, and if it can push above $0.70, it could climb to $0.82 and potentially $0.96 [1]. The 4-hour chart indicates the pair is inside a descending channel, with buyers expected to step in if the price hits the support line [1].

Mantle (MNT) is forming an inverse head-and-shoulders pattern, and a break above $0.85 would confirm the pattern, potentially leading to a move toward $1.15 [1]. The 4-hour chart shows MNT picking up momentum after breaking the 50-day SMA, with bears attempting to resist at $0.85 but failing to halt the rally [1].

Analysts suggest that if Bitcoin can maintain support above $112,000, it may pave the way for LTC, CRO, ENA, and MNT to continue their upward trajectories. However, a breakdown below the 50-day SMA could lead to a pullback toward $100,000 [1]. For these altcoins, the near-term outlook remains optimistic, provided key support levels are not breached [1].

Source:

[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)