This might sound crazy, but hear me out.
Following the recent approval of the Bitcoin spot ETF, we observed a notable price momentum in BTC and other altcoins. However, it's not entirely convincing for the sustained bullish rally of BTC in the short term. Just a few days ago, BTC struggled to break the $44k level, but now the price is trending at $46k. From a technical analysis perspective, BTC needs to surpass the $47.3k resistance in both daily and weekly timeframes to reach the $52K target.
Looking at the USDT.D (USDT Dominance), it's evident that it has well-maintained a support level of 5%. With the RSI in the oversold zone, there's a compelling possibility of a significant bounce in USDT Dominance, indicating a potential correction in the crypto market.
It will be interesting to observe whether the USDT Dominance breaks down and closes below the 5% support level.
As someone wisely said, "Always prepare for the worst."
Regards,
Team Dexter.
