According to Odaily Planet Daily, 10x Research founder Markus Thielen released the latest report explaining why it turned bearish more than 10 days ago.
The report says it's too early to buy the dip. A key point for its bearishness is that retail trading sentiment is cooling, reflected in a significant drop in trading volume for altcoins and meme coins. Additionally, the Bitcoin spot ETF saw net outflows for two days in a row.
Technically, it still believes Bitcoin will trade below $60,000 before embarking on a more meaningful rebound attempt. Based on previous new high signals, it believes BTC is expected to rebound to $83,000 and $102,000, but is currently more focused on managing downside risks.
