- Crypto bulls are losing resilience, and to sustain the existing momentum, they are mandating the inflow of new capital through the Stablecoin sector.
- Ethereum (ETH) is struggling to surpass the critical resistance level of approximately $2,136 against the US dollar derivatives in recent days.
- Following a profitable October and the first half of November, crypto investors have started shifting their focus to the stablecoin market in recent weeks.
Amidst the decline in Bitcoin price, data from the USDT stablecoin has caught the attention of market participants: Is Bitcoin preparing for a correction?
Bitcoin Price Drops, USDT Data Draws Attention
The crypto market recovered after the recent shock of the Binance news and returned to levels before the event. However, crypto bulls are losing resilience, and to sustain the existing momentum, they are mandating the inflow of new capital through the Stablecoin sector.
Failure to do so could potentially lead to a correction in the price of Bitcoin, with a clear support/resistance range emerging between $31,000 and $32,000. Meanwhile, Ethereum (ETH) is struggling to surpass the critical resistance level of approximately $2,136 against the US dollar derivatives.
Following a profitable October and the first half of November, crypto investors have started shifting their focus to the stablecoin market in recent weeks. According to on-chain data analysis provided by the market intelligence platform Santiment, approximately 3% of the total supply of Tether (USDT) has been withdrawn from centralized exchanges in the past month. This decline indicates an imminent correction in the price of Bitcoin and a consolidation phase in preparation for the next rally.
Altcoins are ready for an uptrend!
The Chicago Mercantile Exchange (CME) starting the week with Bitcoin trading above $38,000 over a significant gap suggests a potential uptrend, while the altcoin market is experiencing bullish momentum led by meme coins. According to an analyst named Crypto Rover, Ethereum’s price is poised to lead the entire altcoin sector into a significant profit cycle.
Furthermore, TOTAL3, representing the market value excluding Bitcoin and Ethereum, successfully tested the support level around $408 billion and appears ready for an uptrend towards $650 billion in the coming weeks.
