Organization specializing in digital asset analysis for wealth managers and cryptocurrency service providers, 10x Research provided new insights into the cryptocurrency market in its latest report.
According to the analysis, Bitcoin’s rebound over the past three weeks has stalled, as stronger-than-expected core Personal Consumption Expenditures (PCE) data points to rising inflation, partly driven by tariffs imposed by Donald Trump. This appears to be impacting consumer sentiment.
Additionally, one-year inflation expectations surged to 5.0%, putting downward pressure on risk assets and leading to the reversal of a previously bullish short-term position.
10x Research now predicts Bitcoin could drop below $80,000 this week, as several risk-off factors are expected to weigh on equities and spill over into the cryptocurrency market.
While Donald Trump had initially indicated a more measured approach to tariffs, his rhetoric has become more aggressive in recent weeks. Initially, the expectation was that the tariff imposition would be gradual, allowing time for negotiations. However, this narrative shifted last week amid growing concerns that tariffs may be applied immediately, followed by lengthy negotiations, adding to market uncertainty.
A weaker ISM Manufacturing Purchasing Managers’ Index (PMI) could further stress markets, and if US employment data remains strong, it may delay any intervention from the Federal Reserve, leaving markets vulnerable. Notably, the CBOE Volatility Index (VIX) remains low, suggesting that many traders may be underestimating the potential risks in the near term.
Bitcoin Price Declines To $82,000 Mark, Crypto Market Cap At $2.65 Trillion
As of the current writing, Bitcoin is priced at $82,160, showing a decline of more than 1.29% over the past 24 hours. The highest price recorded during this period was $83,497, and the lowest was $81,366. Bitcoin’s market dominance currently stands at 61.47%, reflecting a modest increase of 0.23% over the past day.
According to SoSoValue data, Bitcoin spot exchange-traded funds (ETFs) saw a net inflow of $196 million during last week’s trading session.
The global cryptocurrency market capitalization is currently at $2.65 trillion, marking a decrease of 1.72% over the last 24 hours. Additionally, the total cryptocurrency market volume for the past 24 hours is $58.78 billion, indicating a 3.12% increase, according to data from CoinMarketCap.
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