Bitcoin (BTC) price prediction: Slips below $109588, but technical charts suggest traders are buying each dip.

Bitcoin (BTC) slipped below $109,588, but technical charts suggest traders are buying each dip.

Bitcoin (BTC) slipped below the $109,588 support on May 23, but technical indicators suggest that traders can expect more buyers at lower levels.

After hitting a high of $109,588 on May 22, Bitcoin pulled back to the 20-day exponential moving average at $103,652, where it found support and bounced. This indicates that the technical traders are buying on dips at lower levels.

The cryptocurrency is now facing resistance at the $111,980 level, which could be breached if the bulls remain in control. A decisive move above this level could clear the way for a rally to the $130,000 target.

On the other hand, a break below the 20-day EMA could open the door for a move lower to the psychologically important $100,000 level. This level is expected to provide strong support, as a break below it could sink the price to the 50-day simple moving average at $94,001.

Investors' interest in Bitcoin remains high, with the US spot Bitcoin exchange-traded funds seeing massive outsized inflows of $934 million on May 22 and $608 million on May 21, according to SoSoValue data.

These outsized inflows come as Bitcoin hit a new all-time high, suggesting that investors are keen to continue investing in the cryptocurrency.

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The all-time high at $109,588 led to total profit-taking volume of roughly $1 billion, which is noteworthy as it was far more muted than the $2 billion seen when the price rose above $100,000 in December, Glassnode noted. This suggests that investors are expecting the up move to continue.

"Bitcoin prof