TechFlow news, December 27 — According to Cointelegraph, analysts have warned of a "massive sell-off" in Bitcoin after it failed to break through a key resistance level. After reaching a record high near $108,365, Bitcoin has since dropped by 15%. With the rising market dominance of USDT, analysts predict further downward pressure on Bitcoin. Analyst The ForexX Mindset highlighted that the rebound in USDT dominance (USDT.D), which is negatively correlated with Bitcoin, could trigger a sell-off.
Bitcoin is currently trading around $96,000. If further correction occurs, its downside target could reach the 20-week exponential moving average (EMA) at approximately $81,500. A breakdown below this level may lead to a test of the 50-week EMA around $67,700.
