Bitcoin Price Analysis: Bullish ABC Pullback Targets $103,500 Break; Bearish 5-Wave Down Looms as USDT Dominance Breakout Signals Caution
BTC/USDT
$23,298,561,101.23
$66,025.52 / $63,030.00
Change: $2,995.52 (4.75%)
-0.0012%
Shorts pay
COINOTAG News reports that Bitcoin is forming mixed market structure. In a bullish scenario, the current move is seen as an ABC corrective pullback that would need to complete and clear the threshold of $103,500 to confirm the bullish setup. A break above this level would signal renewed upside for BTC and fuel a risk-on cadence.
In a bearish scenario, should the rebound fail to reach above $103,500 and instead form a lower high, the path would imply another downside wave, potentially completing a 5-wave impulse lower before a more sustainable rebound materializes.
Separately, the USDT market dominance is breaking from its long-term downtrend, while weekly supply contracts. This dynamic on the stablecoin indicator suggests headwinds for a durable Bitcoin rally, as a tighter USDT supply can complicate sustained upside in the near term.