Bitcoin's $63K Threshold May Decide August Selloff Fate

Bitcoin's performance this month may be determined by its ability to hold above $63,000, according to research firm 10x Research. The token has failed to break through a key technical threshold needed to confirm a market bottom in August.

The 7-day and 30-day moving averages for Bitcoin are below the current price, indicating continued short-term weakness. A decline of 3.2% over the past week also points to bearish trends.

Potential selling by miners and companies holding Bitcoin could further impact its price. Additionally, the yield on the 10-year US Treasury has moved above a key level, which may affect when Bitcoin confirms an August bottom.