Odaily News 10x Research said in its latest analysis that multiple investors who sold Bitcoin in the $64,000 to $68,000 range are now waiting for favorable re-buy levels. Bitcoin price is expected to break out of the $60,000 to $70,000 range, but a new range that could be lower has yet to be established. The recent decline has investors eager to buy, but our backtest of Monday's major intraday moves suggests caution at the moment. Additional selling from Jump Trading on Wednesday (in addition to Sunday/Monday) has raised concerns. Continued liquidation pressure from different players remains a significant issue for Ethereum. Bitcoin spot ETFs have experienced sustained outflows recently, and stablecoins have not had significant inflows. The absence of buyers in this decline is worrying and raises concerns about the direction of the market. Yesterday, we noted that Bitcoin attempted to rebound, but highlighted significant resistance in the $56,000-57,000 range, which was a barrier to the rally triggered by the Bank of Japan's statement. However, the Bank of Japan did not press the "rewind" button, but only pressed the "pause" button as they may raise interest rates again. Our key message highlights that even if the market shakes off the hype surrounding the Japan carry trade news, downside risks remain for the Nasdaq and Bitcoin could fall further.