Markus Thielen, founder of 10x Research, noted that if Bitcoin’s August closing price holds above $63,000, it would trigger a bullish cycle indicator and confirm the bear market bottom. Bitcoin is currently trading at approximately $63,140. 10x Research favors a bullish position, but would shift to neutral if Bitcoin falls below key support levels. The report highlights risks: rising yields on 10-year U.S. Treasuries could force the Fed to raise rates in September, miner transitions to AI businesses may create selling pressure of around 100,000 BTC, and Bitcoin treasury companies unwinding positions add supply-side pressure.
Markus Thielen: Bitcoin's August close above $63,000 may confirm the bear market bottom.
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Summary
Bitcoin analysis from 10x Research founder Markus Thielen suggests that a close above $63,000 in August could confirm the bear market bottom. Bitcoin news reports the price at approximately $63,140. 10x Research remains bullish but warns of potential neutrality if key support levels are breached. Risks include rising U.S. Treasury yields, miner transitions to AI adding 10,000 BTC of selling pressure, and treasury liquidations increasing supply.
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