NewsletterBitcoin Price At Risk Of Major Pullback; Banking Crisis Not Helping BTC?
Bitcoin News: Bitcoin (BTC), the world’s largest digital asset is on an upward run amid the ongoing banking collapse. Bitcoin price recorded a surge of 20% over the last 30 days to regain the vital $28K level. However, an analysis of Tether’s (USDT) market behavior suggests that the BTC price might be at risk of a major pullback.
Bitcoin Price On The Edge?
According to Doctor Profit, a crypto market analyst implied that the more the Tether prints USDT more it will impact Bitcoin price. He highlighted that in the period when USDT’s market cap touched its all time high (ATH) of $83.5 billion, BTC price went on to dump from $40K to $20K straight.
However, USDT’s market cap now stands at $79 billion while Bitcoin is hovering around $28K. The analyst added as long as Tether’s printing continues, more BTC price will pump. Once this process halts, Bitcoin will witness a healthy accumulation as it happened when the largest crypto was trading between $19K-$21K region about two months ago.
Also Read: Bitcoin (BTC) Liquidity Hits 10-Month Low, Expect More Volatility Ahead
Analyst stated that Bitcoin price jump from $16k to $21k was a kind of a healthy pump and the rest is just a trap. He added that the recent pump was not a reaction of people fleeing banks and buying more BTC. He added that being bullish is the biggest danger here, even if Bitcoin price breaches $30K in some time, the price dump will be huge and fast.Read More Bitcoin News Here…
Bitcoin price is marginally down over the past 24 hours. It is trading at an average price of $27,908, at the press time. Its 24 hour trading volume is down by 4% to stand at $14.2 billion.
Also Read: Credit Suisse Largest Shareholder Chief Calls Quit After Sparking A Debacle
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Balancer Hack Update: Exploiter Begins Selling Stolen Tokens After Protocol Recovered $4.1M
- Breaking: US SEC Issues Guidance on Pending Crypto ETFs as Government Shutdown Ends
- Bitcoin ETFs Sees Second Largest Outflows in History as BTC Drops to $95k
- Crypto Market Crash: Here’s Why Bitcoin, ETH, SOL, ZEC, & Other Altcoins Are Falling
- Kalshi Taps Coinbase to Manage USDC Deposits on Its Prediction Market Platform
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
- Is Shiba Inu Price Set for Recovery Amid Partnership with Unity Nodes to Expand SHIB Utility?
- Top 3 Reasons Pi Network Price May Surge Despite the Incoming Token Unlock
- Solana Price Gears Up to $180 as DApp Revenue and DEX Volume Surge
- Cardano Price Rare Pattern Points to a 55% Crash as Key DeFi Metric Plunges
- Is Dogecoin Price Set for a Rally After 4.72 B $DOGE Whale Accumulation?
