According to TechFlow, 10x Research pointed out in its latest market report that the combination of Bitcoin's long-term technical aspects, on-chain signals, traffic (especially miner inventory) and market structure data may overwhelm the bullish arguments from the US presidential election and potential interest rate cuts in the short term.
Currently, the price of Bitcoin has returned to the $60,000 to $61,000 range, and a fall below this range could trigger liquidations. Last weekend, Bitcoin rebounded in a timely manner under extremely low trading volume, resulting in multiple shorts being stopped out, but this upside risk has been reduced, and the downside risk has become a reality.
10x Research reiterated its medium-term view that the market will correct further downwards.
