Analysis: If Bitcoin closes above $63,000 in August, it may confirm the bottom of the bear market

According to Cointelegraph, Markus Thielen, founder of the crypto research firm 10x Research, pointed out in the latest report that if Bitcoin's closing price in August can stabilize above $63,000, it will trigger multiple cyclical indicators to turn bullish, thereby confirming that the bear market bottom has been reached.

The report shows that Bitcoin's closing price in July failed to reach this threshold, with the current quote around $63,140, just one step away from the confirmation signal. In terms of positioning strategy, 10x Research indicates that it still prefers to hold long positions, but if Bitcoin falls below key support levels and moving averages, it will shift to a neutral stance. In terms of risk warnings, the report notes: if the 10-year U.S. Treasury yield continues to rise, it may force the Federal Reserve to resume interest rate hikes in September; at the same time, the potential selling pressure of about 100,000 BTC from miners transitioning to AI businesses, as well as the liquidation actions of Bitcoin treasury companies, all constitute supply-side pressure.