August Inflection Point: Bitcoin Analysts Eye $63,000 Monthly Close for Bullish Signal
Analysts at 10x Research are pointing to August as a potential inflection point for Bitcoin, suggesting that a monthly close near $63,000 could flip several of its cycle indicators to a bullish configuration. However, this signal is not unconditional and would be reevaluated if Bitcoin breaks key support levels and moving averages.
The firm's technical framework centers on cycle indicators tied to Bitcoin's monthly price behavior, with the current distance from the July closing level to the next confirmation threshold being relatively small. If Bitcoin prints an August monthly close around $63,000, the change could be sufficient to turn multiple cycle indicators bullish.
Macro policy remains the overriding variable in the timing of this potential bottom, with 10x Research assuming a base case where the Federal Reserve holds interest rates steady. However, further increases in the 10-year Treasury yield and the Iran conflict add geopolitical risk that could disrupt risk assets more broadly.