BTC Market Analysis May 14, 2026.06 I have emphasized before that when looking at the BTC market, we cannot just look at BTC. In the high-level market, USDT. D is a very important auxiliary indicator. Today, let's talk about the BTC market in conjunction with USDT. D Let me briefly explain to new friends what USDT. D is: USDT. D represents the market capitalization of USDT in the entire cryptocurrency market, and its logic is simple: USDT. D rises → More funds return to stablecoins, leading to a decrease in market risk appetite. USDT. D fell → stablecoin funds flowed out, re entering risky assets such as BTC, ETH, and counterfeit, and market risk appetite increased. So many times, BTC and USDT. D have a reverse relationship. When BTC rises healthily, we often see USDT. D starting to decline at the same rate. If BTC rises but USDT. D clearly cannot keep up with the pace, then we need to be vigilant - this indicates that although the price has rebounded, funds have not flowed out of stablecoins on a large scale, and this kind of rise is often just a rebound rather than a new trend. My core point about the recent BTC market is simple: USDT. D is best tested again at 6.749% to end the decline that started from the high of 9.035% on February 6th. Why? USDT.D 9.035% corresponds to BTC's low point of 60000, while USDT.D 6.749% corresponds to BTC's low point of 80600 in November. Although BTC has rebounded from 60000 to 82850, we can see that USDT. D has not even retested the 6.749% corresponding to 80600 on November 21st. This indicates that the rebound of 60000 yuan is not healthy and the funding structure is not attractive. The best trend of this month is: BTC will reach a higher point (such as 84000, 85000), while USDT. D will also fall further to test 6.749% (or approach this line). A rebound structure starting from 60000 is considered relatively complete, and even if it falls further, the 52000-54000 range is likely to become a bear bottom. The worst trend is: USDT. D is no longer testing 6.749%, but is now directly starting to rise. In that case, 60000 is not just a bear base, the real bear base may be far away from 60000, such as 43000 or even 35000. Summary in one sentence: What we are afraid of now is not a decline, but a real decline after an unhealthy rise.