Bitcoin is on a downward spiral, expected to plunge below $57,000 from over $60,000, according to 10x Research. The slump, which could potentially drop further to $50,000, is attributed to drying up buy flows and accelerating sell flows. The 5.44% fall in Bitcoin's price has significantly impacted investor sentiment and market liquidity. The sell-off coincides with the anticipated Mt. Gox repayments of $8.5 billion worth of BTC. The report advises traders to prioritize risk management in anticipation of continued volatility. The downward trend is also linked to long-term holders cashing in on substantial profits.