Analysis: Bitcoin may confirm a bearish bottom if it closes at $63,000 in August

Comparative news, according to Cointelegraph, Markus Thielen, founder of crypto research firm 10x Research, pointed out in the latest report that if Bitcoin's closing price stabilizes above $63,000 in August, it will trigger a number of cyclical indicators to turn bullish, thus confirming that the bottom of the bear market has arrived.

Reports show that Bitcoin failed to reach this threshold in July and is currently quoted at around $63,140, which is only one step away from a confirmation signal. In terms of position strategy, 10x Research said it still tends to hold long positions, but if Bitcoin falls below key support levels and moving average, it will shift to a neutral position. In terms of risk alerts, the report indicates that if 10-year US bond yields continue to rise, the Federal Reserve may restart interest rate hikes in September; at the same time, the potential sell-off pressure on about 100,000 BTC brought about by miners transforming AI businesses, as well as the closing of positions by Bitcoin Treasury companies, all constitute supply-side pressure.

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