Bitcoin's Recent Rally:
BTC surged above $68,000, sparking optimism for a new all-time high.
Analyst Justin Bennett, however, urges caution despite the rally.
Mixed Signals:
Bennett highlights that the current rally is speculator-driven, with low spot market volume.
Open interest (OI) has spiked, raising concerns about a potential leverage flush, which could lead to a deeper correction.
Key Level to Watch:
BTC needs to hold $68,200 to avoid a potential downward move.
Bennett notes that the focus should be on how Bitcoin reacts to this level amid conflicting market data.
Whale vs. Retail Activity:
Whales are holding steady, while retail traders have been less active since Monday.
The rally is largely driven by perpetual futures, which isn’t typically seen as healthy.
Tether Dominance Insight:
USDT dominance (USDT.D) has broken below key support levels, indicating a bullish signal for Bitcoin and altcoins.
A further drop in USDT.D could lead to a 20% rally for Bitcoin.
Final Take:
While Bitcoin shows signs of strength, Bennett advises traders to remain cautious, noting that the market is sending conflicting signals. How BTC handles $68,200 in the short term will be critical.
Do you agree with Bennett's cautious approach, or are you bullish on BTC’s next move? 👀
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