While OKX’s announcement of delisting multi-currency spot trading has sparked heated discussions in the market, the direction of the Bitcoin market has also become a focus of investors’ attention. Golden Finance reports that the latest article by 10x Research points out that the interweaving of multiple macro factors at present is quietly strengthening the macro fundamentals of Bitcoin, and the market may be brewing a breakthrough trend in consolidation.
10x Research analyzed that the current complex macroeconomic background is composed of rising oil prices, strong US Treasury yields, differentiated employment data and the prudent monetary policy stance of the Federal Reserve. In such an environment, the risk-resistance attribute and scarcity advantage of Bitcoin have become increasingly prominent. It is worth noting that the Treasury funds of some altcoins such as ADA and DOT may shift to Bitcoin due to changes in market trends, bringing potential capital inflows to the Bitcoin market. Meanwhile, the key changes in the credit environment are also regarded as important signals of the reversal of market trends.
Judging from the recent price trend of Bitcoin, over the past month, its price has been fluctuating around $106,000, with a fluctuation range of ±4%, showing a clear consolidation trend. 10x Research believes that the longer this consolidation lasts, the greater the possibility that Bitcoin will break through the current range. Although the market generally expects Federal Reserve Chair Powell to maintain a neutral stance at the FOMC meeting to be held this week and the upside risk of the 10-year US Treasury yield still exists, on-chain indicators provide strong support for the current price of Bitcoin. As long as the price of Bitcoin can remain above $100,437, the short-term correction space will be relatively limited.
In terms of geopolitical factors, as the impact of geopolitical risks gradually weakens, the seasonal factors of summer may cause Bitcoin to remain in a consolidation state in the short term. However, 10x Research emphasizes that a shift in a medium – and long-term macro signal has laid the foundation for the potential upward trend of Bitcoin within the year.
Previously, Michael Saylor, the co-founder of Strategy, hinted that he would purchase more Bitcoin when the traditional financial market opened on Monday, which indirectly confirmed the optimism of institutional investors towards the value of Bitcoin. The move by OKX to delist some cryptocurrencies also reflects that the cryptocurrency market is undergoing a new round of adjustment and optimization. In the complex and volatile market environment, whether Bitcoin can achieve a breakthrough as expected by 10x Research and how the subsequent market will evolve will be continuously tracked and reported by Golden Finance.
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- Arthur Hayes: If the Bank of Japan delays balance sheet reduction and restarts some quantitative easing in June, risky assets may rise sharply
