Bitcoin's Bottom Confirmed by Critical Threshold: $63,000
According to Markus Thielen, founder of 10x Research, Bitcoin's (BTC) current price is crucial in determining whether it has hit bottom or not. The key figure for BTC right now is $63,000, as stated by Thielen. This price level will determine whether the bottom of this month is confirmed or whether the bear market continues.
Thielen noted that Bitcoin's July close fell below this critical threshold, indicating that the market has not yet given a definitive bottom confirmation. Additionally, the current price is also below both the 7-day and 30-day moving averages, and since it has fallen by 3.2% in the last week, he still considers the short-term trend to be bearish.
Thielen also pointed out that macroeconomic developments could affect BTC. He assessed that if US 10-year Treasury yields continue to rise, the Fed may be forced to resume interest rate hikes in September. Persistently high interest rates could put pressure on risky assets, posing a significant risk factor for digital assets like BTC.
Furthermore, Thielen highlighted potential selling pressure from mining companies and Bitcoin-owning companies as a potential burden. He added that Bitcoin miners who have shifted their focus to the artificial intelligence (AI) sector hold approximately 100,000 BTC, and that liquidation actions by institutional BTC treasury companies could increase selling pressure.