Bitcoin’s failure to break through a critical resistance level has heightened the risk of a potential decline toward $81,500.
Bitcoin has declined by 15% a week after establishing its record high of around $108,365, according to data from Bitstamp. The cryptocurrency may fall further in the coming weeks due to a sharply recovering Tether market dominance.
USDT.D versus BTC/USD weekly performance chart. Source: TradingView
According to TradingView contributor, The ForexX Mindset, the Bitcoin (BTC) price may witness a “huge dump” due to its negative correlation with the USDT Dominance Index (USDT.D), a measure of Tether’s (USDT) share in the overall cryptocurrency market.
