Bitcoin (CRYPTO: BTC) appears to be locked in a mini bear market, with weak technical signals, fading momentum, and a lack of fresh catalysts weighing heavily on price action, according to a Tuesday market note from 10x Research.
What Happened: In the report, the firm said Bitcoin is currently trading below its key trend model level of $88,000—an indicator they consider crucial for gauging bull versus bear cycles.
“There’s little doubt from on-chain data that Bitcoin is in at least a mini-bear market,” 10x Research wrote, adding that without a turnaround in momentum, “that remains the base case.”
While some short-term technical indicators briefly hinted at a relief rally, the bounce stalled at $88,500 and has since reversed.
Bitcoin also remains below its 21-week moving average, a widely-used long-term trend signal.
One of the firm’s most reliable metrics—the short-term holder realized price, now near $93,000—has acted as stiff resistance.
The rejection at this level suggests traders are exiting breakeven positions, …Full story available on Benzinga.com
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