10x Research said Bitcoin remains in a bearish trend structure and that the market’s ultimate low in the current move has not yet appeared. According to Odaily, the firm said a corrective rebound followed comments in which Federal Reserve Chair Kevin Warsh avoided questions related to interest-rate hikes.

10x Research said a key focus this week is signs of capital rotation. It noted that while Bitcoin has continued to weaken, a group of small-cap tokens has moved above their 30-day moving averages and has outperformed the broader market, which it said is typically a signal that funds are rotating.

The firm also said Hyperliquid’s token, HYPE, is still valued too highly and it does not recommend continuing to hold it. It said traders could consider taking profits and exiting, and shifting to other assets with stronger price trends.