10x Research: Bitcoin may adjust to $63,000, altcoins and memes might have reached short-term peak

0x Research has released a new report stating that the prospects for approval of an Ethereum ETF seem less optimistic compared to Bitcoin, with analysts estimating only a 30% chance of approval. This uncertainty could potentially drag down Bitcoin after the Dencun upgrade of Ethereum. In addition, recent inflation data from Europe and the United States have been released, and central bank officials' reluctance to commit to interest rate cuts further dampened market sentiment, leading to selling behavior in Bitcoin during Asian trading hours.

 

Given these factors, Bitcoin's price was unable to hold on after breaking new highs, suggesting the possibility of deeper and longer corrections. As the week progresses, inflows into Bitcoin ETFs usually slow down with Friday's data being at its lowest (net inflow of 199 million). Bitcoin may fall as low as $63,000 as a potential target before resuming its upward trend.

 

Furthermore, altcoins closely related to Ethereum's rise may have reached their short-term peaks already; tokens like SHIB saw significant surges in trading volume. The decline in South Korea’s Meme trade volume suggests that last week’s Meme coin frenzy might also have peaked indicating broader market adjustments ahead.