10x Research: Bitcoin may shift from range trading to forming a top, leading to further price declines
Odaily reports that 10x Research stated in its latest market analysis report that Bitcoin continues to fall, with liquidity sharply declining as prices drop. A large number of investors are panicking and taking action. The price of Bitcoin is still relatively high, but this situation may change soon, so tough decisions need to be made. Only when we sell at a high point can we buy at a low point and make a profit. Cryptocurrencies usually go through parabolic rising cycles, but the difference between retail and institutional investors lies in risk management.
After Bitcoin failed to break through the highs, investors need to focus on risk management. We define Ethereum's breakthrough at $3725 (June 7: Ethereum breaks key support level of $3725: upcoming liquidation expectations?) as an early warning signal, followed by bearish signals for Bitcoin (June 12 BTC was $67,339) and Solana (June 12 SOL was $149.16). According to our trend model, Bitcoin also entered a downward trend on June 19 ($65,140). The trading prices for each were: ETH at $3,423 (-8%), BTC at $63,264 (-6%), SOL at $127.03 (-14%).
Bitcoin might shift from its current range trading ($60k-$70k) towards forming a top which could lead to larger declines. As we have observed over the past three months; range trading is a complex stage often marked by several false breakouts. However historically speaking; topping formation leaves ordinary retail investors vulnerable with many altcoins experiencing significant drops.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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