In its latest report, 10x Research says that Monday's bitcoin slump is a key reference point in the market's recent history. Traders focus on the technical side of the price movement, and even the most optimistic cryptocurrency trader must admit that the decline is already getting bigger: the May low was $56,500, the July low was $53,500, and the August low was $49,100. Although Bitcoin is currently attempting to recover, strong resistance from a clear downtrend may prove more challenging after the recent support breakout. Our bearish outlook stems from monthly technical indicators that, as of May 2024, have reached historic levels of price reversals seen in previous bull markets such as January 2018 and April 2021. We will only be able to confirm this in a few months. However, it has periodically affected our expectations for price declines in April, June and August 2024. From a technical perspective, the $56,000/$57,000 area is expected to be a significant resistance for Bitcoin, and a level above this would be a positive signal. However, it is crucial to place a firm stop on the long position ($54,000) due to the general downside risk indicated by incomplete technical indicators.