Bitcoin 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.
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