According to a report shared by on-chain analysis company CryptoQuant, there is still a risk of further downward movement for Bitcoin. CryptoQuant analysts state that some on-chain indicators still suggest that the price adjustment may not be over yet, or at least a new rebound has not yet occurred. Short-term traders and large Bitcoin holders continue to sell heavily in the context of a "risk-off" attitude. In addition, the unrealized profit margin has not yet dropped to the level that exhausts sellers.