According to the latest report released by the cryptocurrency research institution 10x Research, the macro outlook for Bitcoin shows a strong potential for recovery, particularly as certain medium- to long-term technical indicators have turned distinctly bullish.
The report points out that while geopolitical factors, such as the conflict between Israel and Iran, have caused short-term volatility in the market, the substantive impact on Bitcoin has gradually diminished. Currently, Bitcoin remains within a narrow oscillation pattern centered around “$106,000,” with a range of approximately ±4%. 10x Research believes that the longer the consolidation period lasts, the stronger the momentum for subsequent breakthroughs will be.
Additionally, on-chain data and structural capital flows also provide upward support. The report mentions that there are signs indicating that institutions that previously held altcoins like ADA and DOT as liquid reserves are now shifting towards Bitcoin. Coupled with subtle changes in market credit lending conditions, this could provide a new foundation for Bitcoin’s rise.
Despite the existence of several positive factors on the macro level, the report also cautions that Federal Reserve Chair ### Powell is expected to maintain a neutral stance in this week’s FOMC meeting, making it unlikely to provide dovish support in the short term. The 10-year U.S. Treasury yield still carries upward risk, and with generally weak market liquidity during the summer, Bitcoin may remain in a consolidation phase in the near term.
In summary, 10x Research states that although the short-term trend may still be dominated by consolidation, the “key macro technical signals” have quietly turned bullish in the medium to long term, suggesting that Bitcoin may encounter structural upward opportunities in the latter half of this year.
