10x Research: Bitcoin may shift from range trading to top formation, leading to further price declines

Odaily Odaily News 10x Research said in its latest market analysis report that Bitcoin continues to fall, and liquidity has dropped sharply as the price falls. A large number of investors panicked and took action. The price of Bitcoin is still relatively high, but this situation may change soon, so difficult decisions need to be made. Only when we sell at highs can we buy at lows and make profits. Cryptocurrencies usually show parabolic upward cycles, but the difference between retail and institutional investors is risk management. After Bitcoin failed to break through highs, investors need to focus on risk management. We define Ethereum's breakout at $3,725 (June 7: Ethereum breaks through the key $3,725 support level: upcoming liquidation expectations?) as an early warning signal, followed by short signals for Bitcoin (BTC at $67,339 on June 12) and Solana (SOL at $149.16 on June 12). According to our trend model, Bitcoin also entered a downtrend on June 19 ($65,140). The three are trading at $3,423 (-8%) for ETH, $63,264 (-6%) for BTC, and $127.03 (-14%) for SOL. Bitcoin could shift from its current range trading ($60,000 to $70,000) to a topping formation, which could lead to a more significant drop. As we have observed over the past three months, range trading is a complex phase that is often marked by several false breakouts. However, historically, topping formations have made the average retail investor vulnerable, and many Altcoin have experienced significant declines.