On March 20, 10x Research released its latest report (by Markus Thielen) stating that the monthly Bitcoin report released on March 8 pointed to a divergence between the rise in the price of Bitcoin and the downward signals of the three reversal indicators. "Bitcoin could pull back to 63,000, with 60,000 being the key support level, and if it breaks below, it could fall to $52,000 to $54,000," the report said. Although the forecast of a pullback to 63,000 has come true, it is too early to think that it is too early to regain bullishness (although it will certainly turn bullish at some point).

It's too early to buy the dip. A key point of bearishness is the decline in retail trading sentiment, which is reflected in a noticeable decline in the trading volume of altcoins and meme coins. ETFs saw net outflows for two days in a row (probably), unless BlackRock saw more than $400 million in inflows last night. (Note: On March 20, according to HODL15Capital data, Bitcoin spot ETFs had a net outflow of $326 million yesterday, and ETFs have seen net outflows for two consecutive days.) ）