10x Research: Key Macro Signals Turn Bullish, Bitcoin Consolidation Brewing for a Breakout

BlockBeats reported on June 16 that 10x Research published an article stating, “Against the backdrop of rising oil prices, resilient U.S. Treasury yields, mixed employment data, and the Federal Reserve's cautious stance, Bitcoin's macro fundamentals are quietly strengthening.

With treasury funds from certain altcoins (such as ADA and DOT) potentially shifting towards Bitcoin, and key changes in the credit environment, the market is brewing a potential trend reversal. Over the past month, Bitcoin has hovered around $106,000, with a volatility range of ±4%. The longer the consolidation phase, the higher the likelihood of a breakout.

While Federal Reserve Chair Powell is expected to maintain a neutral tone at this week’s FOMC meeting, and the risk of a rise in 10-year U.S. Treasury yields remains, on-chain indicators still support the current price levels. As long as it stays above $100,437, the downside potential remains limited.

With geopolitical risks subsiding and seasonal factors over the summer possibly leading to further short-term consolidation for Bitcoin, a shift in a medium- to long-term macro signal is laying the groundwork for potential upside later this year.”