#比特币行情观察

$BTC and the dominance of stablecoins

I have been discussing this pullback for the past 4-5 days. This is the first pullback since May. In my opinion, it is very similar to the pullback situation on November 5, when Bitcoin pulled back to $107.5K, and the stablecoin dominance at 0.152% level gave the first pullback, making everyone think the market was recovering, but the result was the opposite.

Now, from $90K to $95K, this is a dangerous zone, and most of you are likely to fall into this situation, so it is best to avoid long traps and focus on the trend of stablecoin dominance.

If we close below this support level of 0.172% on the daily chart, then it is clear that we have really returned, and this is likely a local bottom.

The reason it may be a local bottom is that the weekly chart of USDT dominance not only has closed below this resistance level but is also continuing to decline. From $37K to $74K, from $49K to $105K, and then from $75K to $126K—all are this resistance level, which USDT dominance has consistently failed to break through.

But $BTC , the key point is that we are now at a crossroads. The daily structure of Bitcoin has turned bearish, so do not expect any good news. Each rebound provides an opportunity to short.

Note 🚨🚨🚨 My analysis is only applicable to trading at the daily level and above, not for short-term market analysis.