Bitcoin has turned bearish, says 10x Research

Bitcoin has entered a bearish phase, according to an analysis by 10x Research. In a post on X, the firm cited a potential shift in MicroStrategy's long-term holding strategy, noting that around $2.7 billion has flowed out of spot Bitcoin ETFs since May 7 after Michael Saylor mentioned the possibility of selling some BTC. This suggests institutional investors are beginning to rebalance their positions, the firm said. Macroeconomic headwinds include a negative correlation between inflation and Bitcoin's returns, with rising oil prices expected to affect future Consumer Price Index (CPI) data. 10x Research also noted that the bond market is already pricing in a potential further rate hike from the Fed this year. With implied volatility for BTC and ETH options near all-time lows amid low trading volume and leverage, the market is susceptible to high volatility from minor catalysts. The firm identified $76,088 as a key pivot point, calling this week's market movement critical.