TechFlow news, December 9 — 10x Research posted on X stating that the current Bitcoin market conditions can be compared to the "death zone" of Mount Everest climbing, a critical phase where risks significantly increase. Although Bitcoin may not have necessarily reached its peak, certain indicators suggest weakening market momentum, warranting heightened vigilance.
Over the past two weeks, Bitcoin's price has fluctuated within a narrow range. Last week, after touching both upper and lower boundaries of this range, it returned to the middle, forming a Doji pattern indicating market hesitation.
Historically, such patterns may signal trend continuation after short-term adjustments. However, considering on-chain data and market structure analysis, uncertainty remains for the future. Additionally, South Korea's cryptocurrency trading volume has sharply declined from $25 billion to $6.7 billion, reflecting a clear reduction in market activity.
