Analyst: The rise in USDT market share indicates that BTC may face further downward pressure

ChainCatcher news, according to Cointelegraph, analysts warn of a potential "huge sell-off" for Bitcoin as it fails to break through a key resistance level. Bitcoin has dropped 15% after reaching an all-time high of around $108,365. With the rising market share of USDT, analysts predict that Bitcoin may face further downward pressure. Analyst The ForexX Mindset points out that the rebound in USDT market share (USDT.D) and its negative correlation with Bitcoin could trigger a sell-off.

Currently, Bitcoin is trading close to $96,000, and if it corrects further, its downward target may be the 20-week exponential moving average (EMA), around $81,500. If it breaks below this level, it may test the 50-week EMA at approximately $67,700.