PANews reported on February 7th, citing CNBC, that this week's selling pressure in the crypto market primarily stemmed from the sell-off of Bitcoin spot ETFs, a wave of forced liquidations triggered by a sharp price drop, and was further amplified by the sell-off in software stocks, exacerbating market volatility. However, some investors stepped in to buy, causing prices to rebound rapidly in a short period. Nevertheless, most market participants remain cautious about whether the market has reached its bottom. Crypto research firm 10X Research indicated that Bitcoin may experience a brief rebound or consolidation, but it could still reach new lows this summer. Markus Thielen, head of research at 10X Research, estimates that Bitcoin could potentially fall as low as $50,000, or even to the $40,000-$50,000 range.
