Bitcoin August Close Above $63,000 Could Confirm Bear Market Bottom

10x Research states a Bitcoin close above $63,000 in August triggers bullish cyclical indicators. Current price sits near $63,140, just shy of the confirmation threshold for the bear market bottom.

Woofun AI reports that Markus Thielen, founder of 10x Research, outlined in a recent report that a Bitcoin closing price above $63,000 in August would activate multiple bullish cyclical indicators, confirming the bear market bottom. The firm noted that Bitcoin failed to reach this level in July, with current trading around $63,140. 10x Research maintains a preference for long positions but plans to shift to neutral if Bitcoin drops below key support and moving averages. The report warns that rising 10-year U.S. Treasury yields could prompt Federal Reserve rate hikes in September, while potential selling from miners pivoting to AI and Bitcoin treasury companies adds supply-side pressure.