Bitcoin's Technical Bottom May Be Approaching in August
Bitcoin's technical bottom may be approaching, according to 10x Research. The company predicts that if Bitcoin closes August above $63,000, several of its cycle indicators will turn bullish. This would confirm a bear-market bottom.
Markus Thielen, founder of 10x Research, stated in a recent report that July's closing price was below the threshold needed for this confirmation. The company is still favoring long positions but will shift to a neutral stance if Bitcoin breaks key support levels and moving averages.
However, there are potential risks to consider. The Federal Reserve holding interest rates steady is the base case, but further increases in the 10-year Treasury yield could force a September rate hike. Additionally, the Iran conflict remains an unpredictable risk factor.
The report also mentioned that miners could generate around 100,000 BTC of selling pressure as some shift their businesses towards artificial intelligence.