Bitcoin could fall to $55,000 before finding a bottom, 10x Research says

Bitcoin has fallen below the lowest range on the Bitcoin rainbow chart, marking the second time in history that it has entered the purple zone. Some holders compare the current situation to the bottom of the cycle formed by Bitcoin falling to around $15000 in 2022. XYO co-founder Markus Levin stated that the price has fallen below the range maintained for over a decade for the first time, and the rainbow chart is no longer valid. Ethra COO Emad Shahin stated that Rainbow Chart is an emotional indicator rather than a predictive tool. GoMining CEO Mark Zalan stated that the region represents extreme panic and underestimation, often followed by repairs. Lee stated that the current low position of Bitcoin on the rainbow chart indicates a weakening market sentiment. If risk appetite worsens, Bitcoin still cannot rule out the possibility of falling towards the low range of $50000.

Grayscale research director Zach Pandl stated that Bitcoin's valuation is relatively low, but investors still need to pay attention to two potential risks. （Cointelegraph）

The cryptocurrency market has experienced over $99 million in liquidation in the past hour, with $90 million being long positions. （Cointelegraph）

When BTC fell below $61000, address 0xebe8 closed multiple orders of 800 BTC (worth $48.8 million), resulting in a loss of $1.26 million. （Lookonchain）

Kalshi filed a lawsuit this week in the Federal District Court for the Northern District of Illinois, suing Illinois Attorney General Kwame Raoul, Governor JB Pritzker, and other state officials. Kalshi stated that the budget bill SB3019 requires predictive market platforms to obtain state-level licenses and take effect on July 1st, which conflicts with the federal exclusive jurisdiction clause of the Commodity Exchange Act. Kalshi stated that stopping the provision of sports contracts in Illinois due to compliance with the bill would violate the uniformity requirements of the U.S. Commodity Futures Trading Commission and harm commercial interests. Kalshi has requested the court to grant temporary restraining orders, preliminary injunctions, and permanent injunctions to prevent Illinois from enforcing the law. (The Block)