According to crypto analyst Justin Bennett, the Tether dominance chart (USDT.D) suggests a bearish outlook for Bitcoin. The USDT.D chart shows the proportion of the crypto market cap that is made up of the stablecoin USDT. A bullish USDT.D chart indicates that traders are selling off their cryptocurrencies in favor of USDT, which is seen as bearish for Bitcoin and other cryptos. Bennett believes that if USDT.D drops back within its previous range, it would signal a bullish crypto market. However, he would only turn bullish on Bitcoin if USDT.D loses the 4.37% level as support. Bennett also suggests that Bitcoin may be setting the stage for a short squeeze, where traders are forced to buy back their borrowed assets as prices move against them, triggering further price rallies. Bitcoin is currently trading at $97,271.



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