10x Research: Bitcoin's long-term technicals, on-chain signals and other indicators temporarily overwhelm the bullish view of the US election and potential interest rate cuts

10x Research said in its latest market report that a combination of Bitcoin long-term technicals, on-chain signals, flows (especially from miner inventories), and market structure data could overwhelm (at least in the short term) the underlying bullish arguments from the US presidential election and eventual rate cuts. Bitcoin is back in the $60,000-$61,000 range, a break below which could lead to liquidations. A well-timed rally over the weekend on extremely low volume caused multiple upside liquidations (shorts were stopped out). The simple attempt to trigger these stops was successful, but now the upside risk from short covering has been reduced and the downside risk has now materialized. Yesterday 10x reiterated its medium-term view that the market will correct further downwards.