Bitcoin Analyst Warns of Potential Pullback Following 25% Surge

By Lola Coin Jun 28, 202397Views

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Crypto analyst Justin Bennett is warning that a correction may be looming for Bitcoin (BTC) after its strong performance in the past week. BTC has surged by about 25% in less than two weeks, but Bennett believes that the gains may be given up soon, especially for latecomers to the rally. He suggests that a pullback into the $28,000 area to flush out late BTC longs is likely. The Bitcoin price action at the $27,000-$28,000 range will determine BTC’s trends in July. However, if Bitcoin manages to break its immediate resistance at $31,000, Bennett’s bearish view would be invalidated. He also highlights the importance of monitoring the Tether dominance chart, which indicates the percentage of capital in crypto stored in stablecoin USDT. A move above the 8% level for USDT.D could put BTC at risk for a significant correction. At the time of writing, Bitcoin is trading at $30,802, while USDT.D is hovering at 7.23%.

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