10x Research: Bitcoin may undergo significant changes in the trading range of 60,000 to 70,000 US dollars
10x Research stated in its market analysis that interpreting trends is particularly challenging at key moments in the economy and financial markets, as old narratives are questioned and new ones gradually form. During this time, traders and investors must pay close attention to market signals. It's crucial to recognize that the market often focuses on a mainstream narrative before shifting attention to the next topic. Understanding this dynamic is essential for effectively following market transformations.
After BTC was sold at a German address at the end of June, market concerns shifted towards the upcoming Mt.Gox payout in early July. The story took a dramatic turn with Trump's attack incident and his subsequent choice of Bitcoin holder JD Vance as vice presidential candidate. With Trump's election odds soaring to 70%, Bitcoin prices were closely tied to these political developments. However, this momentum came to an abrupt halt when President Biden announced on July 21st he would not run for president in 2025.
Following discussions about Bitcoin strategic reserves, Bitcoin once again broke through $70k mark which raised high expectations for Trump's speech at Nashville’s Bitcoin conference. Unfortunately, the speech did not achieve its promotional effect. When US government transferred $2 billion worth of Bitcoins, it ended bitcoin’s upward trend.The trading range between $60k-$70k remained stable but significant changes within this range are imminent.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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