10x Research: Bitcoin is expected to experience a larger sell-off in the coming weeks and months

2024/07/15 10:22

Odaily News 10x Research said in its latest market report that market concerns persist due to oversupply and lack of solid market fundamentals, which poses potential risks for medium-term traders. Last week, Bitcoin appeared to have rebounded from oversold levels ahead of the release of the Consumer Price Index (CPI), which was expected to fall. However, since this was widely expected and Bitcoin had already risen, the price could not be sustained. This downward inflation trend may continue until October, when year-on-year data will be more challenging. Bitcoin withstood the $3 billion sell-off in Germany, although during the period, Bitcoin experienced a correction of nearly 20% at the lowest point. However, a larger sell-off is expected in the coming weeks and months, which may further affect the market.

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