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Bitcoin eyes August bottom as 10x Research links reversal to $63,000
10x Research says a monthly close above $63,000 could confirm a technical bottom, while higher 10-year Treasury yields raise the odds of a September Fed hike.
Bitcoin could confirm an August bear market bottom if it posts a monthly close above $63,000, according to 10x Research, as cited by Cointelegraph.
10x Research founder Markus Thielen said in a report shared with Cointelegraph that Bitcoin closed below the level needed to confirm a technical bottom in July, and that a move to around $63,000 would flip several cycle indicators bullish.
At the time the analysis was prepared, Bitcoin was trading around $63,140, and the firm said it continued to favor long positions but would move to a neutral stance if Bitcoin breaks key support levels and moving averages.
The note also pointed to macro risks, including the possibility that further increases in the 10-year Treasury yield could force a September rate hike, and it flagged potential supply pressures such as miners generating roughly 100,000 BTC of selling pressure and additional selling from Bitcoin treasury companies unwinding positions.
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