While the leading cryptocurrency Bitcoin continues to hold above $60,000, some analysts believe it may have hit bottom. At this point, the latest analysis comes from Markus Thielen, founder o
While the leading cryptocurrency Bitcoin continues to hold above $60,000, some analysts believe it may have hit bottom.
At this point, the latest analysis comes from Markus Thielen, founder of 10x Research.
Markus Thielen highlighted critical levels for Bitcoin’s long-term direction. He stated that a monthly close above $63,000 for Bitcoin would be a significant signal confirming the bottom of the bear market.
“…The key figure for Bitcoin right now is $63,000. This price level will determine whether the bottom of this month is confirmed or whether the bear market continues.”
At this point, Thielen noted that Bitcoin’s July close fell below this critical threshold, indicating that the market has not yet given a definitive bottom confirmation.
According to Thilen, the current price is also below both the 7-day and 30-day moving averages, and since it has fallen by 3.2% in the last week, he still considers the short-term trend to be bearish.
Thielen also pointed to macroeconomic developments that could affect Bitcoin. He assessed that if US 10-year Treasury yields continue to rise, the Fed may be forced to resume interest rate hikes in September.
Thielen noted that persistently high interest rates could put pressure on risky assets, stating that this is a significant risk factor for digital assets like BTC.
Thielen also touched upon factors that could create potential selling pressure in the Bitcoin market. In this regard, the analyst highlighted potential selling pressure from mining companies and Bitcoin-owning companies as a potential burden.
He added that Bitcoin miners who have shifted their focus to the artificial intelligence (AI) sector hold approximately 100,000 BTC, and that liquidation actions by institutional BTC treasury companies could increase selling pressure.
In conclusion, according to Thielen, for Bitcoin to re-enter an uptrend, it needs to both maintain its technical levels and for macroeconomic conditions to become supportive.
*This is not investment advice.
Continue Reading: Analysis Company Reveals Critical Threshold for Bitcoin (BTC): “Could End the Bear Market!” Here Are the Details
