10x Research: Bitcoin May Confirm Bear Market Bottom in August, Monthly Close Needs to Hold Above $63,000

According to Cointelegraph, Markus Thielen, founder of crypto research firm 10x Research, noted in his latest report that if Bitcoin's August monthly closing price holds above $63,000, it will trigger multiple cycle indicators to turn bullish, thereby confirming the bear market bottom. The report shows that Bitcoin's July close failed to reach this threshold; currently trading at approximately $63,140, it is just one step away from confirming the signal. 10x Research stated that it remains inclined to hold long positions currently, but if Bitcoin breaks below key support levels and moving averages, it will shift to a neutral stance. The report also highlighted risks: if the 10-year U.S. Treasury yield continues to rise, it may force the Federal Reserve to resume rate hikes in September; additionally, miners transitioning to AI businesses bring potential selling pressure of approximately 100,000 BTC, and position closing by Bitcoin treasury companies also constitutes supply-side pressure.