10x Research: Bitcoin's Long-Term Technicals Temporarily Pressure Bullish Views on U.S. Election and Potential Interest Rate Cut, Market Set for Further Downward Correction

The combination of bitcoin's long-term technicals, on-chain signals, traffic (especially miner inventory) and market structure data could overwhelm the bullish arguments from the U.S. presidential election and potential interest rate cuts in the short term, 10x Research noted in its latest market report. Currently, the bitcoin price is back in the $60,000 to $61,000 range, a drop below which could trigger liquidation. Bitcoin's well-timed rally at the end of last week on very low volume led to multiple short-sellers being stopped out, but this upside risk has diminished, and instead the downside risk has become real. 10x Research reiterates its medium-term view that the market is set for a further correction to the downside.