According to ChainCatcher, 10x Research stated in the report that concerns persist due to oversupply and lack of solid market fundamentals, which poses potential risks to medium-term traders.

Last week, Bitcoin appeared to have rebounded from oversold levels ahead of the release of the Consumer Price Index (CPI), which was expected to fall. However, as the forecast was widely known and Bitcoin had already risen, the price could not hold.

Although the price of Bitcoin experienced a correction of nearly 20% at its lowest point during the sale of $3 billion worth of Bitcoin in Saxony, the U.S., it has withstood this test. However, a larger sell-off is expected in the coming weeks and months, which could further affect the market.