Bitcoin may find bear market bottom in August: 10x Research

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 roughly 100,000 BTC of selling pressure as some miners shift their businesses toward artificial intelligence. The company said it expected additional supply from Bitcoin treasury companies unwinding positions, though it described macroeconomic conditions as the ...