Bitcoin Lost Critical Support Level, Risk of Decline Increases
Analyst Justin Bennett, who is closely monitoring the cryptocurrency markets, draws attention to possible pullback scenarios after Bitcoin (BTC) lost the critical support level around $105,195. Bennett stated that BTC's effort to hold at the $106,600 level has failed and that the $100,000 band could be retested after a short recovery.
According to the analyst, a consolidation period may occur in the short term, and a limited rise may be seen due to retail investors over the weekend. However, in the long term, there remains a risk of dropping to lower levels if the price cannot remain in the range of $106,000-$107,000. Bennett stated, "I do not consider being a buyer when it drops below $106,600. I will only evaluate opening a short position if a suitable recovery is observed."
Whale Sales Increase Pressure in the Market
Justin Bennett emphasizes that large investors (whales) in the Bitcoin market are closing their long positions and switching to short positions. This movement indicates that selling pressure is increasing despite retail investors' buying interests. Bennett stated, "Throughout Thursday, whales sold against the buying interest of retail investors. The rise seen from the beginning was misleading," he evaluated.
The analyst stated that this strategy of the whales could pose a risk for small investors and lead to sudden fluctuations in market prices.
USDT.D Chart and Its Effects on the Market
Bennett also mentioned that the Tether market dominance ratio (USDT.D) chart is giving negative signals for Bitcoin. Generally, an increase in USDT.D indicates that investors are moving away from risky crypto assets to stablecoins, which could strengthen selling pressure in the market. The analyst pointed out that if USDT.D approaches the 5% level in the weekly close, sales in Bitcoin could continue.
"I am not making a definite forecast yet, but the USDT.D weekly chart is preparing to move to the 5% level. I will wait for the Friday close and clarify the situation," he said.
Current Status and Market Expectations
At the time the news was prepared, the Bitcoin price had fallen to $105,658 and had lost 1.6% in the last 24 hours. Tether’s market dominance was measured at 4.79%. Market participants and analysts suggest paying close attention to price movements, especially over the weekend. Current forecasts indicate that market sentiment could change rapidly and caution is needed.
Experts believe that the movements of large investors and stablecoin trends will be decisive in Bitcoin's short-term performance. A warning is made that if the critical support level cannot be regained, a new decline in prices could begin. Investors are advised to carefully monitor market indicators and price movements. Current data indicates that uncertainty and high volatility will continue.
PLEASE READ CAREFULLY FOR A $10 GIFT FOR 170 PEOPLE.
Friends who have not yet activated the futures trading section will win $10 when they activate the futures trading section by entering my referral code 88623008. The first 170 people will benefit from this reward.
I AM EXPLAINING IN DETAIL.
Brothers who registered on Binance without a referral, please listen carefully;
You will win 10 USDT when you do what I say in order.
Enter the Futures section from your application,
In the next screen, enter the REFERRAL CODE section and open your account by entering the code 88623008,
Brothers who want to receive a $10 reward by completing this transaction by April 10 can do so. After that, it will be sufficient to have a trading volume of $30 after activating your account. However, even if you do this transaction after April 10, your reward will not come. Therefore, I recommend you to handle it within 5 seconds.
THE SYSTEM WORKS ON A FIRST COME, FIRST SERVED BASIS. THEREFORE, DO NOT BE LATE TO RECEIVE YOUR GIFT. IT IS LIMITED TO 170 PEOPLE.
PLEASE READ CAREFULLY FOR A $3,300 GIFT.
Friends, you know that we do everything we can for you as broadcasters. We communicate the services and opportunities provided to us by our authorities to you. I have never withheld my support from the cryptocurrency market or you; on the contrary, I am striving to provide more support.
Now I will explain how to claim your gift. First of all, those of you who have not opened a futures trading account need to activate this account with a short transaction. I will explain in detail and simply how to activate it.
So who can benefit?
Friends who have not yet activated the Futures section can activate it by entering my referral code 88623008 when opening the FUTURES section. It is an easy process. I have shown where it is below.
