Bitcoin News Today: Bitcoin Holds Above $118,000 as Altcoins Extend Rally With Institutional Support

Bitcoin remained supported above $118,000 as the broader cryptocurrency market showed resilience, with Ether (ETH), BNB, LINK, and UNI displaying signs of extending the altcoin rally. Following Monday’s rejection near its all-time high of $123,218, Bitcoin buyers and sellers engaged in a tug-of-war, indicating a critical juncture for the market. Analysts noted that if the price remains above the 20-day simple moving average, bulls could attempt another push toward $123,218 and potentially $135,000. However, a breakdown below the 20-day SMA might trigger a pullback toward the 50-day SMA at $114,366 [1].

Meanwhile, Ether saw strong institutional interest as spot ETFs recorded a record $1.01 billion in net inflows on Monday, signaling sustained demand [2]. On the technical front, ETH has broken above key resistance and is currently trading with upward momentum, supported by a positive RSI and rising moving averages. If buyers can push the price above $4,868, it could mark the next stage of the uptrend [3].

BNB remained in a tight trading range between $792 and $827, suggesting indecision among traders. However, a breakout above $827 could signal renewed bullish momentum, potentially pushing the price toward $861 and beyond. Conversely, a drop below the 20-day SMA might indicate the start of a deeper correction [4].

Chainlink (LINK) continued to gain strength after breaking through $18, with buyers overpowering bearish attempts to stall the rally. The price is now testing resistance at $27, with further gains possible if buyers can push through. A breakdown below $20.83, however, could lead to a pullback toward $18 [5].

Uniswap (UNI) bounced off the 50-day SMA at $9.05 and remains in a constructive position. Although facing immediate resistance at $12, the bulls have not ceded significant ground, suggesting a potential continuation of the up move. If buyers manage to push above $12, the price could extend toward $15 [6].

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[1] title1...(https://coinmarketcap.com/community/articles/689ba8ee2bf4ca25c970105f/)