According to TechFlow, on December 27, Cointelegraph reported that analysts warned that Bitcoin could see a "huge sell-off" as it failed to break through key resistance levels. Bitcoin has fallen 15% after hitting an all-time high of about $108,365. As USDT's market share 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, Bitcoin is trading near $96,000 and if it corrects further, its downside target could be the 20-week exponential moving average (EMA), which is around $81,500. If it falls below this level, it could test the 50-week EMA, which is around $67,700.
