By Chris Hollingworth 
Bitcoin exchange-traded products (ETPs) are experiencing strong buying activity, indicating bullish sentiment and expectations for the uptrend to continue. While several major altcoins have seen pullbacks, lower price levels are still attracting buyers.
Bitcoin (BTC) is striving to maintain levels above $109,588, with buyers stepping in on every minor dip. The cryptocurrency has seen a seven-week consecutive rise, and if this streak extends to eight weeks, it could pave the way for further upward movement. According to crypto analyst Carpe Noctom, historically, Bitcoin has shown positive price action following periods of eight consecutive weekly closes.
Institutional investors are recognizing the long-term potential of Bitcoin and have been consistently investing in Bitcoin ETPs. CoinShares reported significant inflows of $2.9 billion into Bitcoin ETPs last week, representing a sizable portion of total inflows for the year.
While many analysts maintain a bullish outlook for the long term, some are cautioning about a potential short-term correction in Bitcoin. Data analysis by CryptoQuant contributor Crazzyblockk suggests signs of buyer exhaustion and increasing volatility, possibly leading to a short-term correction towards $105,000.
Turning to the S&P 500 Index, after a pullback from 5,968, the index has approached the 20-day exponential moving average at 5,759. A rebound from this level could see a gradual climb towards the resistance zone of 6,000 to 6,147, with strong resistance expected in that range.
In the US Dollar Index (DXY) market, attempts to breach the 20-day EMA at 100.15 have been met with resistance from bears. If sellers manage to push below the 99 support level, further downside towards solid support at 97.92 could be expected. Buyers are likely to defend this level, as a break below it could signal a deeper decline towards 95.67.
For Bitcoin price predictions, buyers are actively supporting the price above $109,588, indicating a buy-the-dip strategy in place. Moving averages trending upwards and the RSI nearing overbought levels suggest a bullish bias. If the price surpasses $111,980, the BTC/USDT pair could target $130,000, with the 20-day EMA at $104,886 serving as a key support level.
In the Ether (ETH) market, a bounce from the 20-day EMA at $2,425 signals strong demand at lower levels. Bulls will aim to break past the $2,738 resistance, potentially propelling the ETH/USDT pair towards $3,000. Support levels to watch include the 20-day EMA and key psychological levels like $2,323 and $2,000.
