Bitcoin Price Hangs By A Thread As Ethena (ENA), CORE And Celestia (TIA) Tank

The bearish sentiment in the crypto markets is driving Bitcoin price lower once again. The most valuable cryptocurrency is on the verge of even a bigger drop if a critical support level fails to hold. Altcoins like Ethena (ENA), Celestia (TIA) and Core DAO (DAO) are also facing a major pullback as the Bitcoin dominance increased 0.55% on Monday.

On a daily timeframe, BTC was down 1.05% at the start of its US session. The negative price action is quite surprising for many retail investors who were anticipating an uptrend continuation after the halving. Nevertheless, the market structure is still not bearish and the global trend is still in favor of the bulls.

Bitcoin Price Drops But The Dominance Increases

A broader look at the market reveals that in the midst of the ongoing correction, Bitcoin dominance remains resilient. According to the latest market data, Bitcoin accounts for 54.76% of the total crypto market. This also suggests that in the last couple of weeks investors have rotated their capital from altcoins to Bitcoin in pursuit of safety.

As visible in the chart below, BTC-USD is gravitating toward the range lows of $60,500. This is a critical support levels which needs to be held to avoid bearish continuation. In case of a breakdown below this level, the next demand zone lies at $50,000-$52,000.

CORE Fails To Break $2.50 Resistance

After multiple attempts to break above $2.5 resistance, the native asset of Core DAO is in a freefall. The digital asset is currently trading just a few cents above the $2 threshold and is likely to drop further down.

Ethena (ENA) Price Analysis

The ecosystem currency of Ethena retested its $0.90 resistance on Sunday but failed to break through it. As a result, ENA price tumbled and found support at $0.775. However, the bullish divergences on the RSI and MFI are pointing toward a strong bounce from the current levels. This outlook might change in case of a 4H closure below $0.775.