10x Research: Bitcoin may adjust to $63,000, altcoins and memes may have reached short-term tops

On March 16th, 10x Research released a new report stating that the prospects for approval of an Ethereum ETF seem less optimistic compared to Bitcoin, with analysts estimating a likelihood of approval at only 30%. This uncertainty may weigh on Bitcoin after the Dencun upgrade is implemented. In addition, recent inflation data in Europe and the United States has been released, and central bank officials' unwillingness to commit to further interest rate cuts has further dampened market sentiment, leading to Bitcoin selling during the Asian trading session.

Given these factors, the price of Bitcoin was unable to maintain its new high after breaking through, suggesting the possibility of a deeper and longer correction. As the week progresses, the inflow of funds into Bitcoin ETFs typically slows down, with Friday's data being the lowest (net inflow of 199 million). Bitcoin may drop to 63,000 as a potential target before resuming its upward trend.

In addition, altcoins closely related to Ethereum's rise may have reached short-term tops, with tokens like SHIB showing a significant increase in trading volume. The decline in Korean Meme trading volume suggests that last week's Meme coin frenzy may have also reached its peak, indicating a broader market adjustment.