On February 10, the cryptocurrency market is at a critical turning point, with several core indicators suggesting Bitcoin may have completed a phase of consolidation near the $60,000 level. ZFX Shanhai Securities indicated that the market dominance of Tether (USDT) has become a crucial barometer for judging market trends. Historical data demonstrates that whenever the dominance of stablecoins reaches a cyclical peak, it often signals that market panic has peaked, subsequently leading to a strong rebound in risk assets. Currently, the market share of USDT has once again risen to the key resistance range of 8.50% to 9.00%, a phenomenon highly consistent with holding patterns observed before the start of previous bull markets.

From the underlying logic of capital flows, an increase in USDT dominance reflects a process where traders withdraw funds from high-volatility assets like Bitcoin and enter a risk-off mode. ZFX Shanhai Securities believes this inverse relationship has proven reliable over the past several years. For instance, in November 2022, when USDT dominance reached the red alert zone of 9.00%, Bitcoin formed a long-term bottom around $15,700. As capital subsequently flowed back from stablecoins into digital assets, Bitcoin achieved a multi-fold increase in value in the following cycle. Relevant factual data suggests the current market environment is replaying this pattern: as long as USDT dominance fails to decisively break above the 9.00% upper band, the probability of Bitcoin confirming a bottom and initiating a counteroffensive in the coming weeks increases significantly.

On the technical front, confluence on weekly charts further strengthens the bullish narrative. ZFX Shanhai Securities stated that Bitcoin's weekly Relative Strength Index (RSI) has rarely fallen into the deeply oversold territory below 30, and the price has shown strong buying support after precisely testing the 200-week Simple Moving Average (200-week SMA). This technical combination has historically precipitated gains of hundreds or even thousands of percentage points. Concurrently, the actions of large holders corroborate confidence in "buying the dip." Monitoring data shows that during the price decline below $60,000, so-called "whale" accounts accumulated approximately 40,000 BTC. Furthermore, major exchanges like Binance allocated around $300 million worth of Bitcoin to its Secure Asset Fund for Users (SAFU), and a well-known institution disclosed an additional $90 million in new purchases.

In summary, whether viewed from the cyclical pattern of stablecoin dominance or the need for an oversold bounce based on technical indicators, the market is releasing strong signals of a bottom forming. ZFX Shanhai Securities believes that although short-term volatility persists, this pullback is more likely a technical correction within a long-term uptrend. With continued increases in institutional capital and large holder positions, Bitcoin is expected to shake off its current weakness and advance steadily towards its long-term target price of $150,000. Investors should closely monitor whether USDT dominance shows a turning point at high levels as a core basis for confirming the start of a reversal trend.