Key points:
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Bitcoin slipped below $109,588, but technical charts suggest traders are buying each dip.
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Excessive leverage in Bitcoin futures increases the risk of a quick correction.
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Select altcoins have turned down from their respective overhead resistance levels, signaling that the bears remain sellers on rallies.
Sellers have pulled Bitcoin (BTC) back below the breakout level of $109,588, but lower levels are likely to attract buyers. Investor interest remains strong, with the US spot Bitcoin exchange-traded funds witnessing inflows of $934 million on May 22 and $608 million on May 21, according to SoSoValue data.
Glassnode noted that the all-time high above $109,588 led to a total profit-taking volume of roughly $1 billion, far more muted than the $2 billion when the price rose above $100,000 in December. That shows the investors expect the up move to continue.
Veteran trader Peter Brandt said in a post on X that Bitcoin was on target to hit between $125,000 and $150,000 by the end of August.
A strong rally attracts speculators who load up on leverage. CoinGlass data shows that Bitcoin futures open interest rose to just over $80 billion on May 23. Excessive leverage increases the risk of forced liquidation when prices witness a sharp pullback. Therefore, traders should exercise caution.
What are the critical support levels for Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
Sellers are trying to sustain the price below the breakout level of $109,588, which may trap the aggressive bulls. That could pull the price to the 20-day exponential moving average ($103,652).

A solid bounce off the 20-day EMA suggests that the sentiment remains positive and traders are buying on dips. The bulls will then again attempt to resume the uptrend by pushing the price above $111,980. If they can pull it off, the BTC/USDT pair could dash toward the target objective of $130,000.
The first sign of weakness will be a break below the 20-day EMA. That clears the path for a drop to the psychologically crucial level of $100,000. Buyers are expected to fiercely defend the $100,000 level because a break below it could sink the pair to the 50-day simple moving average ($94,001).
Ether price prediction
Ether (ETH) turned down from the $2,738 resistance, indicating that the bears are vigorously defending the level.

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