10x Research: Bitcoin price remains relatively high! The decline may further expand

Lack of buying support, the cryptocurrency market continued to perform weak today (24th), with Bitcoin falling below the US$63,000 mark and Ethereum falling below US$3,400. Cryptocurrency analysis agency 10x Research said that market liquidity has dropped sharply as currency prices have fallen. After Bitcoin attempts to break through highs and fails, investors must pay attention to risk control.

According to CoinGecko data, Bitcoin suddenly plummeted around 4 a.m. today, falling to $62,684 as of writing, down 2.7% in the past 24 hours; Ethereum fell more than 3.7% to $3,388.

Even though the cryptocurrency market continues to fall, panicking a large number of investors, Markus Thielen, founder of 10x Research, pointed out in the latest market analysis report that Bitcoin prices are still relatively high, and this situation "will soon There will be changes" and investors will need to make "tough decisions."

He pointed out that Bitcoin has entered a downward trend since June 19, and may then transform from the current sideways pattern ($60,000 to $70,000) into a "top pattern", which may make the decline further. expand.

10x Research has observed in the past 3 months that market consolidation is a complex stage, often accompanied by multiple "false breakthroughs", and "peaking patterns" usually put ordinary retail investors into trouble, and many altcoins are in trouble. In this case, there will be a sharp decline.

Due to increased market volatility, the total liquidation in the cryptocurrency derivatives market has exceeded $105 million in the past 24 hours, of which approximately $96.39 million worth of long positions were liquidated.

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