This guy is talking in a mixed bag, bullish and bearish at the same time. I don't know which one he believes.
10x Research: Bitcoin's long-term technicals, on-chain signals and other indicators temporarily overwhelm the bullish view of the US election and potential rate cuts
In its latest market report, 10x Research said that a combination of Bitcoin's long-term technicals, on-chain signals, traffic (especially from miner inventory) and market structure data may overwhelm (at least in the short term) the potential bullish arguments from the US presidential election and eventual rate cuts. Bitcoin has returned to the $60,000 to $61,000 range, and a break below this range may lead to liquidations.
The timely rebound last weekend caused multiple upside liquidations (shorts were stopped out) during a period of extremely low trading volume. The simple attempt to trigger these stops was successful, but now the upside risk from short covering has been reduced and the downside risk has now become a reality.
Yesterday, 10x reiterated its medium-term view that the market will correct further downward.
