Is USDT Dominance Falling Good For BTC?
USDT.D has recently fallen, breaking below a critical support trend line. The inverse relationship between USDT.D chart and Bitcoin suggests that a downfall in USDT.D could potentially drive Bitcoin prices higher. An analyst believes that this could reverse the recent losses in Bitcoin and revitalize the broader crypto market.
It is essential to consider how external factors, such as regulatory actions by the Securities and Exchange Commission (SEC) against stablecoins like BUSD, can impact Bitcoin prices and USDT dominance.
Analyst Views on USDT.D Trend
- The analyst observed a significant fall in USDT.D recently.
- This fall led to a breach of a critical support trend line.
- USDT.D is currently facing strong rejections at immediate resistance levels, indicating weakness in its trend.
Potential Impact on Bitcoin Prices
- The analyst believes that the inverse relationship between USDT.D and Bitcoin could work in favor of Bitcoin.
- If USDT.D continues to decline, it might signal a bullish trend for Bitcoin, leading to a potential price surge.
External Factors to Consider
- Regulatory actions, such as those taken by the SEC against stablecoins like BUSD, could have a significant impact on both Bitcoin prices and USDT dominance.
- It is crucial to monitor any regulatory developments that may influence the crypto market in the near future.
Hot Take: Analyst Predicts Crypto Market Rejuvenation
Though Bitcoin prices are fast-dropping, looking at events in the daily chart, one analyst thinks the coin is gearing up for a comeback, citing developments in the USDT dominance chart, or USDT.D.
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