10x Research: The long-term technical outlook for Bitcoin is temporarily pressured by the U.S. election and potential interest rate cuts, and the market will further adjust downward

ChainCatcher news, 10x Research pointed out in its latest market report that the combination of Bitcoin's long-term technicals, on-chain signals, traffic (especially miner inventory), and market structure data may overwhelm the bullish arguments from the upcoming U.S. presidential election and potential interest rate cuts in the short term. Currently, Bitcoin's price has returned to the range of $60,000 to $61,000, and a drop below this range could trigger liquidations. Over the weekend, Bitcoin rebounded timely with extremely low trading volume, leading to multiple short positions being stopped out, but this upside risk has decreased, while downside risk has materialized. 10x Research reiterates its mid-term view that the market will further correct downward.