PANews reported on May 18th that 10x Research released a report stating that since the CPI data was released on May 13th, Bitcoin ETF holders have sold over $1 billion, market sentiment has plummeted from 87% to 45%, and bond yields have continued to climb (30-year yield rose to 5.12%). Inflation has once again become a focus, and cryptocurrencies are feeling the pressure.

The report indicates that Bitcoin is testing the 30-day moving average, and a confirmed break below this level would signify a deterioration in momentum. Key levels to watch are $79,125 (short-term bull/bear dividing line) and $76,922 (major support level). Ethereum has triggered a bearish signal. 10x Research states that the current pattern is one of "two steps forward, one step back," but a cycle bottom has appeared.