10X Research predicts further declines in Bitcoin's value

In a recent post, 10X Research analysts said Bitcoin's price attempted to recover but encountered strong resistance between $56,000 and $57,000. There has been consistent outflows from Bitcoin spot ETFs, and no significant money inflows from stablecoins. This trend indicates a lack of buying interest during the recent price dip, which is concerning as it suggests that investor sentiment may be bearish. Although the Bank of Japan paused rate hikes, the analysts believe future increases are likely. Even if the market moves beyond the immediate reactions to the unwinding of the Japanese yen carry trade, underlying risks in the Nasdaq could lead to further declines in Bitcoin's value.