According to TechFlow, 10x Research said that Bitcoin is currently severely oversold, and many opinion leaders advise followers to buy on dips, while altcoins seem to be performing relatively steadily. 10x Research's Greed and Fear Index is close to its historical low, which is usually associated with market lows.

The reasons for the Bitcoin sell-off include: Mt. Gox distribution (possibly up to $9 billion), the German government selling confiscated Bitcoin ($3 billion), miners selling $2-3 billion, ETFs selling $1.4 billion, OG Wallet selling $1.2 billion, etc., totaling about $16-18 billion, which is equivalent to the Bitcoin ETF inflows since the beginning of the year.

10x Research’s trading signals have issued sell signals for Bitcoin multiple times. The June 12 swing signal predicted a drop in Bitcoin at $67,339, and the June 24 price range signal predicted a further drop at $61,113. While many believe the recent drop is due to factors such as Mt. Gox, there may be structural factors in the market that could lead to a deeper drop before rebounding from lower levels.