Delphi Digital: BTC needs to break through $103,500 to be bullish; stablecoin indicators suggest a weak upside potential.

According to Odaily Planet Daily, Delphi Digital analysts published an article on the X platform analyzing the current bullish and bearish structures forming for BTC.

A bullish scenario views the current price action as an ABC correction, which needs to be completed and broken above $103,500 to be confirmed.

The bearish scenario is that the current rally forms a lower high anywhere below $103,500, which would trigger the next wave of decline to complete a full 5-wave downward pulse before a larger, sustained rally can occur.

Furthermore, USDT's dominance is breaking out of a long-term downtrend, with its supply contracting on the weekly chart, which is not the ideal backdrop typically seen before a sustained price increase.