Delphi Digital: BTC bullish needs to break through $103,500, stablecoin indicators show poor upward background.

Odaily News Delphi Digital analysts published an analysis on platform X regarding the current bullish and bearish structures formed by BTC. The bullish scenario views the current trend as an ABC pullback, which needs to effectively complete and break through $103,500 to be confirmed. The bearish scenario is that any position below $103,500 during the current rebound forms a lower high, which would trigger the next wave of decline to complete a full 5-wave downward impulse, after which a larger sustained rebound would occur. Additionally, USDT's dominance is breaking through a long-term downtrend, and its supply is contracting on the weekly chart, which is not the ideal backdrop typically seen before prices continue to rise.