Key Points:

* Bitcoin ETPs continue to witness solid buying, signaling that the bulls expect the uptrend to continue.

* Several major altcoins witnessed a pullback, but lower levels continue to attract buyers.

Bitcoin (BTC) is attempting to sustain above $109,588, indicating that every minor dip is being bought. The crypto has risen for seven consecutive weeks, and if buyers can extend the streak to eight weeks, it clears the path for further upside.

Crypto analyst and trader Carpe Noctom said in a post on X that Bitcoin has only seen three instances of eight consecutive weekly positive closes, and every time, Bitcoin has been higher in the following 6 and 12 month time period.

3 times in history, #Bitcoin has closed 8 weeks straight in the green

Every time, BTC was higher 6 months & 12 months later

Currently, we are 7 weeks into the streak as price holds above $109k

Either a new all-time high is coming, or this bull market is weaker than advertised pic.twitter.com/3nY9Y9zL5v

— CarpeNoctom (@CarpeNoctom) May 25, 2024

Bitcoin ETPs have seen strong inflows in recent times, suggesting that institutional investors are sensing a long-term opportunity.

CoinShares reported that Bitcoin ETPs saw inflows of €2.9 billion last week, which is a quarter of the total inflows for 2024. The outflows from Bitcoin ETPs in 2023 totaled €10.9 billion.

Most analysts are bullish on Bitcoin in the long term, but one CryptoQuant contributor thinks that the data shows buyer exhaustion and increasing volatility, which could start a short-term correction toward $105,000.

CryptoQuant contributor Crazzyblockk wrote in a QuickTake blog post that the Bitcoin price could be headed for a 10% to 15% correction in the short term.

The post noted that the Bitcoin price has faced strong resistance around the $110,000 mark, leading to a slight decrease in buying pressure as buyers become exhausted.

This is evident in the decreasing Relative Strength Index (RSI) values, which measure the magnitude of price variations to assess overbought or oversold conditions.

Bankless co-host and crypto analyst Ben Armstrong predicts that if Bitcoin can break through the $115,000 resistance level, it could set the stage for a surge to $130,000. However, if the price drops below the $100,000 support, it could signal a deeper decline to $70,000.

"We're going to be watching that $115k level with everything. If we can get above $115k, I think we're going to $130k," Armstrong stated in a recent video.

"If we break down $100k, I think we're going to $70k. But if we're going to go lower, I think we're going to get a brief touch of $90k on the way down."

According to Armstrong, the Bitcoin price is currently facing resistance at the Fib level, which could lead to increased volatility and a potential 10% to 15% correction.

"It's going to be a hotly contested level. We're going to see a lot of volatility in the next few weeks as we approach that Fib level. I think we could see Bitcoin correct anywhere from 10% to 15%."

The crypto analyst also noted that a break below the 20-week moving average (WMA) could signal a reversal of the uptrend.

"We've had seven straight weeks of green candles. If we get eight, it's game over. We're going to go lower. But if we start getting red candles and break the 20-week moving average, then we're going to see a reversal of the uptrend."

On the other hand, if buyers can push the price above the Fib level and close a week above it, it could signal a continuation of the uptrend.

"If we can get a weekly close above the Fib level, and we get eight weeks of green candles, then I think we're going to see a continuation of the uptrend."

As of writing, BTC is trading at $109,188 and remains above the crucial support level of $107,000.

The crypto is attempting to sustain above $109,588, indicating that every minor dip is being purchased.

The bulls will have another go at the overhead resistance of $111,980,