10x Research: Bitcoin's long-term technicals, on-chain signals and other indicators temporarily overwhelm the bullish view of the US election and potential interest rate cuts

Odaily Odaily News 10x Research said in its latest market report that the combination of Bitcoin's long-term technicals, on-chain signals, flows (especially from miners' inventories), and market structure data may overwhelm (at least in the short term) 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 could lead to liquidations. A well-timed rebound last weekend during a period of extremely low volume caused multiple upside liquidations (shorts were stopped out). 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.