A generally followed crypto analyst says Bitcoin (BTC) can withdraw after not holding an important level of support.
In a new thread, Crypto trader Justin Bennett tells His 116,000 followers on the social media platform X that BTC can revise the lower limit of a trading range at the level of $ 100,000 after a possible weekend reduction.
“Possibly scenario for BTC after the $ 106,600 failure of Thursday. Prek back/consolidate on Friday, weekend drally (because that is what retail does) in $ 106,000- $ 107,000, and then again visiting the $ 100,000 Lows. Onvalidation on a persistent break (high time) above $ 107,000 …
Personally, I would not be a buyer here, not after losing $ 106,600. It is only shorts for me, but only if BTC gives me the chance with a jump. “
Bennett too out That BTC whales leave long positions in favor of building short positions against the retail trade, which weakens the flagship Crypto activum.
“Whales shorted on Thursday all day in the retail trade. It was a btc pump scam from the start.”
Finally, the analyst warns That the USDT Dominance Chart (USDT.D) can blink with Bearish for Bitcoin.
Many traders look closely in the USDT.D graph, because it shows how much of the crypto market capitalization consists of the Stablecoin USDT. A Bullish USDT.D -Grafiek is generally regarded as Bitcoin and other cryptocurrencies, because it indicates that traders unload their crypto companies in favor of the Stablecoin.
“Not ready to mention it, but the USDT.d Weekly card starts to look ready for a new push back to 5%. I will wait for Friday’s two-day way to get a more final answer to this idea, but it looks decent so far. (Tether Dominance moves to BTC and Eth).”
Bitcoin acts for $ 105,658 at the time of writing, a fall of 1.6% in the last 24 hours.
In the meantime, USDT.D is 4.79% at the time of writing.
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Generated image: midjourney