Analyst: The rise in USDT market share suggests BTC may face further downward pressure
According to Cointelegraph, analysts warn that Bitcoin may experience a "massive sell-off" due to its failure to break through key resistance levels. After reaching a historical high of approximately $108,365, Bitcoin has fallen by 15%. As the market share of USDT rises, analysts predict that Bitcoin may face further downward pressure. Analyst The ForexX Mindset pointed out that the rebound in USDT's market share (USDT.D) and its negative correlation with Bitcoin could trigger a sell-off.
Currently, the trading price of Bitcoin is close to $96,000. If it continues to correct downwards, its target might be the 20-week exponential moving average (EMA), which is around $81,500. If it falls below this level, it might test the 50-week EMA at about $67,700.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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