In its latest market analysis, 10x Research said that Bitcoin is often subject to changing narratives, rumors, and speculation and can quickly adjust its value based on new information. Bitcoin has rallied significantly by 10% since last Friday. What initially appeared to be an oversold rally evolved into a breakout from a clear downtrend. Our key level ($61,133) was surpassed, marking a shift in market sentiment from bearish to bullish.
Weekend rallies are usually driven by retail trading and positive market sentiment. Last Monday, several positives maintained Bitcoin's momentum. After four weeks of net liquidity outflows totaling $8 billion, the crypto market saw inflows of $3.30 billion last week. This inflow, primarily from futures, stablecoins and bitcoin spot ETFs, marked a positive trend change. Additionally, Tether issued an additional $1 billion of USDT.
10X Research: Crypto Market Received 3.30 billion Dollar Inflow Last Week, Market Sentiment Turned From Bearish to Bullish
2024-07-16 05:41:48
10X research market analysis expressed in bitcoin often subject to constantlydesk3cryptocurrencydesktopCrypto News
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