Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
10x Research: Bitcoin may shift from range trading to forming a top, leading to further price declines

10x Research: Bitcoin may shift from range trading to forming a top, leading to further price declines

Bitget2024/06/24 03:07

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.

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!