Bitcoin’s Potential Low: 10x Research Analyzes Technicals

Bitcoin Declines Following First Bitcoin ETF Debut

Bitcoin experienced a sharp decline of over 7% to $41,600 in the wake of the debut of spot ETFs in the U.S. on Thursday. This decline has led analysts at 10x Research to caution that a classic “sell the fact” price action might be underway. The report, led by Markus Thielen, suggests that the sell-off might persist in the near term, potentially reaching a support level of $38,000. This decline follows high expectations for substantial inflows following the approval of spot ETFs. Bitcoin initially rallied to over $49,000, aligning with projections from a triangle breakout and the 2-3 year average price level for investors, often considered as resistance.