Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) has seen a 13% drop over the past week, and a recent report from 10x Research offers insights into their bearish stance on the cryptocurrency from 10 days prior.
What Happened: The research report describes Bitcoin’s current correction as “100% predictable,” attributing it to several risk factors.
In its previous report, 10x Research highlighted a minimum 23.6% retracement from Bitcoin’s high of $73,750, with the first target set at $64,659. If this level fails to hold, $59,035 could become a critical support level.
Research indicates that it may be premature to buy the dip, pointing to negative ETF flows over two consecutive days, waning retail trading sentiment, and reduced trading volumes for altcoins and meme coins as reasons to maintain a bearish outlook on the asset.
Well-known crypto YouTuber Crypto Rover noted that the Spot Bitcoin ETF saw its most significant single-day outflow in history.