Bitcoin News Today: Sellers in control as Bitcoin nears $110K test, altcoins teeter on edge

Bitcoin (BTC) has dropped closer to the key $110,530 support level, raising concerns among market participants about potential further declines. The price has shown signs of weakening bullish momentum, with the relative strength index (RSI) forming a negative divergence on the 4-hour chart, indicating that sellers are gaining control in the short term. If the price breaks below the $110,530 support, it could accelerate selling pressure and drive the price toward $100,000 [1]. Analysts have expressed mixed views, with some predicting a recovery and others warning of a deeper correction. The bears appear to have maintained control below the 20-day exponential moving average (EMA) at $117,032, preventing a strong rebound [1].

The weakening Bitcoin sentiment has had a ripple effect on several altcoins. Ether (ETH) has pulled back to a critical breakout level at $4,094, with the RSI indicating weakening bullish momentum. If the price rebounds off this level, it could rally to $4,576 and eventually $4,788. However, a break and close below $4,094 may signal a deeper correction toward $3,557 [1]. Spot ETH ETFs have recorded significant outflows, indicating reduced retail interest amid the recent pullback [1].

BNB (BNB) faces resistance in the $861 to $869 zone, though the bulls have not ceded much ground to the bears. A break above this resistance could drive the price toward the $1,000 psychological level. Conversely, a break below the 20-day EMA at $811 could result in a consolidation phase between $732 and $869. The 4-hour chart indicates indecision between buyers and sellers, with a breakout expected to determine the near-term direction [1].

Chainlink (LINK) turned down from the $27 overhead resistance on Monday, signaling profit booking by short-term bulls. The price has formed a bearish pattern on the 4-hour chart, with the RSI in negative territory. A break below the 20-day EMA at $21.49 could see the price fall toward the 50-day simple moving average (SMA) at $17.97. If buyers defend the 20-day EMA and push the price back above $27, a rally toward $31 and $36 could follow [1].

Mantle (MNT) has shown strong buying pressure in recent days, with the price rebounding from $1.20 after failed attempts by bears to push it lower. A break above the $1.42 resistance could open the door to $1.67, but a sharp pullback below $1.20 could trigger a descent toward the 20-day EMA at $1.07. The 4-hour chart indicates that a sustained recovery above the 20-day EMA could see the price resume its uptrend, though further resistance at $1.42 remains a key hurdle [1].

Bitcoin’s price action remains closely watched as a potential catalyst for broader market sentiment. If BTC rebounds off the $110,530 support and breaks above the 20-day EMA at $117,032, it could signal a reduction in selling pressure and pave the way for a recovery to $120,000 and eventually to the all-time high of $124,474. However, the current bearish dominance on the 4-hour chart suggests that sellers are in control, and a further decline to $105,000 remains a possibility if the support fails [1].

Source: [1] Bitcoin falls closer to $110K support: Will a bounce supercharge ETH, BNB, LINK, MNT? (https://cointelegraph.com/news/bitcoin-falls-closer-to-dollar110k-support-will-a-bounce-supercharge-eth-bnb-link-mnt)