Key points:
Bitcoin slipped below $109,588, but technical charts suggest traders are buying each dip.
Excessive leverage in Bitcoin futures increases the risk of a quick correction.
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