Faizan-Ahmed

#BTCPrediction 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. 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 BTCUSDT 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). 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.