ChainCatcher report, according to Cointelegraph, Markus Thielen, founder of crypto research firm 10x Research, stated in his latest report that if Bitcoin’s August monthly close holds above $63,000, it would trigger multiple cycle indicators to turn bullish, confirming that the bear market bottom has been reached. The report notes that Bitcoin’s July close failed to reach this threshold; the current price is approximately $63,140, just one step away from confirming the signal. Regarding position strategy, 10x Research remains biased toward long positions for now, but will shift to a neutral stance if Bitcoin falls below key support levels and moving averages. Risk warnings in the report include: if the 10-year U.S. Treasury yield continues to rise, it could force the Fed to restart rate hikes in September; additionally, potential selling pressure of around 100,000 BTC from miners transitioning into AI businesses, along with liquidations by Bitcoin treasury companies, are contributing to supply-side pressure.
Bitcoin near $63,000 as 10x Research identifies bullish signal for bear market bottom
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Summary
Bitcoin news shows the price near $63,000, with 10x Research anticipating a bullish trend if it closes above this level in August. The firm noted that Bitcoin failed to reach this threshold in July and is currently trading at $63,140. A bullish trend could confirm the bear market bottom, but risks remain if key support levels are breached. Rising U.S. Treasury yields, Fed rate hikes, and shifts in miner supply present challenges.
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