10x Research: Bitcoin price could break to new highs if it climbs above $72,000

According to a recent market analysis report by 10x Research, if the price of Bitcoin rises above $72,000, it may reach a new high. However, overallocation to Ethereum (leveraged) futures may have a negative impact on Bitcoin, and Bitcoin is more favored than Ethereum (BTC fell 5% last week, while ETH fell 9%). Comments by US SEC Chairman Gary Gensler on the approval of Ethereum ETFS-1 seem more likely to start unwinding leveraged long positions than to reprice Wall Street's rate expectations. Enthusiasm for Ethereum ETFs has plummeted significantly, and the ETH/BTC exchange rate continues to decline.