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Analysis: The Bitcoin bulls and bears are approaching a critical point, and the market share of stablecoins suggests that short-term upward pressure remains.
On November 26, Delphi market analysts analyzed the current long and short positions structure forming in Bitcoin: · In a long position scenario, the current trend is viewed as an ABC corrective pullback that needs to complete fully and break above $103,500 to be confirmed. · In a short position scenario, if the current rebound forms a lower high below $103,500, it will trigger the next wave of falls to complete the full Elliott Wave Theory down structure, after which a larger and more sustained rebound will occur. The stablecoin indicator is also worth following. The market share of USDT is breaking through a long-term downtrend, while its supply is contracting on the weekly chart, which is usually not an ideal background before a sustained pump.