Bitcoin Bottom at $60k? The Answer Might Be in Tether's Market Cap Chart
Tether's USDT market cap decline mirrors levels preceding Bitcoin's 2022 bottom, suggesting a potential market bottom near $60k.Summary
Bitcoin (BTC) might be forming a bottom soon, as Tether's USDt (USDT) market capitalization has dropped to levels last seen before BTC's 2022 bear market lows. Specifically, the 60-day change in USDT's market cap fell by $3.1 billion, matching the contraction seen when Bitcoin bottomed near $15,500 in late 2022, which was followed by a 100% rally to over $31,000 by March 2023. Such sharp contractions in USDT's market cap indicate significant liquidity withdrawal or forced selling, which analysts suggest often marks exhaustion rather than the start of a sustained downtrend. Furthermore, Bitcoin is simultaneously testing two major technical support zones on its weekly chart—the ascending trendline support from 2022 and the horizontal support derived from the 2021 all-time high—a combination that has historically preceded significant price rebounds. If USDt dominance trends lower and seller exhaustion is confirmed, Bitcoin's odds of bottoming in the coming weeks increase.
(Source：Cointelegraph)