According to Cointelegraph, Markus Thielen, founder of crypto research firm 10x Research, stated in his latest report that if Bitcoin’s August monthly close remains above $63,000, it would trigger multiple cycle indicators to turn bullish, confirming the bear market bottom. The report noted that Bitcoin failed to close above this threshold in July and is currently trading at approximately $63,140—just one step away from confirming the signal. 10x Research continues to favor a bullish position but will shift to neutral if Bitcoin falls below key support levels and moving averages. The report also highlights risks: if the 10-year U.S. Treasury yield continues to rise, it could force the Federal Reserve to restart rate hikes in September; additionally, miners transitioning into AI businesses may create a potential selling pressure of around 100,000 BTC, while liquidations by Bitcoin treasury companies add further supply-side pressure.
10x Research: Bitcoin Near Confirmation of Bear Market Bottom at $63,000
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Summary
Bitcoin analysis from 10x Research suggests that Bitcoin sentiment could turn bullish if BTC closes above $63,000 in August. Founder Markus Thielen noted that the price failed to reach this level in July and is now trading near $63,140. The firm anticipates confirmation of a bear market bottom but warned of risks including rising U.S. Treasury yields, miner sell-offs into AI, and treasury liquidations.
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