Bitcoin Could Test Key Support Levels This Summer
According to the latest report from renowned crypto research firm 10X Research, despite the possibility of a short-term rebound or consolidation, Bitcoin may still face further downside risk this summer. Research Director Markus Thielen noted that market sentiment remains weak, and Bitcoin's price could fall to between $40,000 and $50,000.
Market Selling Pressure Intensifies
This week, the crypto market faced multiple pressures, including the sell-off of Bitcoin spot ETFs, a wave of forced liquidations triggered by a sharp price drop, and the broader sell-off in software stocks, all of which intensified market volatility. Although some investors bought the dip, pushing prices higher in the short term, the market remains skeptical about whether a bottom is near.
Investors Should Remain Cautious
- Monitor changes in market sentiment to avoid emotional decisions
- Maintain a cautious approach and manage position sizes wisely
- Long-term investors may consider buying the dip