According to Odaily, in its latest market report, 10x Research has indicated that the combination of Bitcoin's long-term technical aspect, on-chain signals, flow (especially from miner inventory), and market structure data could potentially outweigh bullish arguments stemming from the US presidential election and eventual rate cuts, at least in the short term. Bitcoin has returned to the range of 60,000 to 61,000 US dollars, and a break below this range could lead to liquidation.
During periods of extremely low trading volume, timely rebounds over the past weekend have triggered multiple upward liquidations (shorts being stopped out). The simple attempts to trigger these stop losses were successful, but the upward risk brought by short covering has now decreased, and the downward risk has materialized.
Yesterday, 10x reiterated its medium-term view that the market will further correct downwards. This suggests that the cryptocurrency market, particularly Bitcoin, may face a period of adjustment and potential decline in the near future.