A closely followed crypto analyst is warning that the crypto market may not be done correcting based on one key metric.<\/p>\n
In a new thread on the social media platform X, crypto trader Justin Bennett tells<\/a> his 115,900 followers that the Tether dominance chart (USDT<\/a>.D) is flashing bearish for Bitcoin (BTC<\/a>) and other digital assets.<\/p>\n Many traders closely watch the USDT.D chart as it shows how much of the crypto market cap is comprised of stablecoin Tether (USDT). A bullish USDT.D chart is generally considered bearish for Bitcoin and other cryptocurrencies as it indicates traders are unloading their crypto holdings in favor of the stablecoin.<\/p>\n \u201cYou can\u2019t help but feel we\u2019re at pivotal levels right now in the crypto market. Tether dominance just secured its highest daily, three-day, and five-day close since early November, and this 4.4% area is serving as support so far this week. <\/em><\/p>\n Despite how some will react, I\u2019m not making any bold calls (yet), as it\u2019s too marginal, and this break from USDT.D could fail. That said, it\u2019s something to be aware of and monitor this month. If we see Tether dominance drop back inside the range on the high time frames, specifically back below the 4.37% level, I\u2019ll flip short-term bullish on BTC. Until then, caution is needed in my opinion.\u201d<\/em><\/p>\n Next up, Bennett predicts<\/a> that Ethereum (ETH<\/a>) will chop around in the near term after reclaiming $2,600 as support.<\/p>\n \u201cIt was no surprise to see ETH bounce on Monday the way it did, considering it was at risk of losing a must-hold level at $2,600. But notice where Tuesday\u2019s session closed relative to that key $2,800 level. Now take note of today\u2019s high. I\u2019m expecting sideways chop for now, but bulls aren\u2019t out of the woods yet.\u201d<\/em><\/p>\n ETH is trading for $2,705 at time of writing, down 1.9% in the last 24 hours.<\/p>\n Lastly, Bennett suggests<\/a> that Bitcoin may revisit a range low of $91,787.<\/p>\n \u201cNice bounce from BTC on Monday from range lows, but not a great look with Tuesday\u2019s session closing below the $98,000-$99,000 mid-range. Thinking we could see Bitcoin slide lower to target Monday\u2019s lower wick.\u201d<\/em><\/p>\n Bitcoin is trading for $96,713 at time of writing, down 1.6% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Featured Image: Shutterstock\/GrandeDuc<\/em><\/span><\/p>\n<\/p><\/div>\n
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<\/center><\/p>\nDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n
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