Cryptocurrency analysis company 10x Research has evaluated the current technical outlook of Bitcoin in its latest report. The company announced that a major movement is expected for Bitcoin in the near future.
10x Research reminded that in its report dated February 4, they detected a “Diamond Top” formation when Bitcoin was trading at $ 100,000 levels and warned investors against an impending correction. Stating that this formation was confirmed by the breaking of the critical $ 95,000 support, the company argued that this level was an important trigger from a technical perspective.
Noting that Bitcoin broke not only the $95,000 level but also the realized cost price of short-term investors on February 25, 10x Research stated that this triggered a liquidation wave. Stating that the risk of decline increased with the transformation of the technical structure into a “rising widening wedge” formation, the company had predicted a target of $73,000. Bitcoin fell to a level very close to this estimate, falling to $74,400 shortly thereafter.
10x Research, which reported that they took an upward position again when Bitcoin was traded at $85,322 as of April 13, announced that technical indicators pointed to a 10% increase.
Regarding the current situation, 10x Research reported that Bitcoin has risen to the $94,000–$95,000 region again, but is struggling at this critical resistance. The company said that in order for Bitcoin to make a strong break above this level; there should be an increase in transaction volumes, growth in stablecoin supply, changes in implied volatility, and significant improvements in general liquidity flows.
The critical question now is: “Has there been a strong enough turnaround in these fundamental indicators of market structure, or has the technical recovery peaked, setting Bitcoin up for a sharp pullback as macro and tariff risks increase?”#AbuDhabiStablecoin ✌🏻🤑💯
✌$XRP 💧
🤑$BNB
