Key points:
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Bitcoin is facing significant resistance at $117,500, but the bulls remain on top as long as the price stays above $113,400.
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Several altcoins are showing signs of profit booking in the near term, but lower levels are likely to attract buyers.
Bitcoin’s (BTC) failure to cross above the $117,500 resistance on Monday attracted profit booking by short-term buyers, who have pulled the price below $115,000. Material Indicators co-founder Keith Alan said in a post on X that BTC has not topped out at $124,500 because of strong institutional demand, which is growing.Â
Spot BTC exchange-traded funds recorded $642.35 million in inflows on Friday, according to SoSoValue data. That propelled the weekly inflows to $2.34 billion. The inflows were not limited to BTC ETFs alone. Ether (ETH) ETFs garnered $637.68 million in inflows last week.
However, not everyone is buying BTC in this market….
