Bearish Tether Dominance Could Be Supportive For Bitcoin

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Tether dominance or USDT.dominance chart with ticker USDT.D is one of the main reasons why Bitcoin may continue higher after recent corrective slow down in wave IV. USDT.D and BTC are in negative correlation and we can see USDT.dominance turning nicely bearish, while Bitcoin bullish as expected long time ago. So, if USDT.dominance is really finishing an a-b-c corrective rally within bearish trend, then bulls on Bitcoin are still here and Bitcoin could easily see another push to the upside for wave V.

Bearish Tether Dominance Could Be Supportive For Bitcoin USDT.D Daily Chart
USDT.D Daily Chart

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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.