1. Bitcoin Falls Amid Panic
2. Market Analysis by 10x Research
3. Connection to US ISM Data

Bitcoin's price fell more than 3% on Monday amid panic selling by investors at the start of a key macro week in the United States.

Bitcoin Falls Amid Panic

Bitcoin dropped from around $65,000 to $63,200 today, and according to 10x Research, the drop appears to be a typical bull market pullback caused by overbought conditions.

Market Analysis by 10x Research

Speaking to Coindesk, 10x Research founder Markus Thielen noted in his report last week that Bitcoin was showing signs of being overbought in the short term, but that this decline was short-term.

Connection to US ISM Data

Markus Thielen stated that the recent decline is also linked to the US ISM data to be released this week. Thielen pointed out that the Bitcoin price has fallen by 10% since June, in the first week of the month when the US ISM Manufacturing data was published.

However, Thielen stated that bullish expectations for Bitcoin for the fourth quarter remain valid. The US ISM Manufacturing data shows forward-looking indicators have fallen to near recessionary levels, making tomorrow's data quite uncertain.