Delphi Digital: BTC bullishness requires breaking through $103,500, stablecoin indicators show poor upward momentum

Delphi Digital analysts published an analysis on platform X regarding the current bullish and bearish structures forming for BTC. The bullish scenario views the current movement as an ABC correction, which needs to effectively complete and break above $103,500 to be confirmed. The bearish scenario suggests that any rebound forming a lower high below $103,500 will trigger the next wave of decline, completing a full 5-wave downward impulse, after which a larger-scale sustained rebound may occur. Additionally, USDT's dominance is breaking through a long-term downtrend, and its supply is contracting on a weekly basis, which is not the typical backdrop seen before a sustained price increase.