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.
Source: https://en.coinotag.com/breakingnews/bitcoin-price-analysis-bullish-abc-pullback-targets-103500-break-bearish-5-wave-down-looms-as-usdt-dominance-breakout-signals-caution
