Crypto analyst Justin Bennett is cautioning investors about the recent rally in Bitcoin (BTC), stating that it may not be sustainable. Despite BTC surpassing $68,000, Bennett highlights that the rally is being driven by speculators and weak spot market volume. He advises traders to be cautious and emphasizes the importance of BTC holding the $68,200 level to avoid a potential correction. Bennett also mentions that USDT dominance, which tracks the market cap share of the stablecoin USDT, breaking below support levels could indicate a bullish trend for Bitcoin and altcoins. However, he acknowledges the need for sustained breaks below these levels to confirm the rally.
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Analyst Issues Bitcoin Warning, Says Nothing Wrong With Being Cautious Amid ‘Strange’ Week for BTC
