Bitcoin could confirm a bear-market bottom in August with a monthly close above $63,000, according to 10x Research.
Markus Thielen, founder of 10x Research, said in a Monday report shared with Cointelegraph that Bitcoin closed July below the threshold needed to confirm a technical bottom.
A monthly close near $63,000 would turn several of 10x Research’s cycle indicators bullish. Bitcoin was trading at $63,140 when the analysis was prepared, meaning a relatively small gain from July’s closing level could trigger the reversal signal. The company said it continued to favor long positions but would shift to a neutral stance if Bitcoin broke key support levels and moving averages.
The base case is that the Federal Reserve holds interest rates steady. However, further increases in the 10-year Treasury yield could force a September rate hike, while the Iran conflict remained an unpredictable risk.
The report said miners could generate…
