10x Research: Key macro signals turn bullish, Bitcoin is consolidating and brewing a breakout.

On June 16, 10x Research published an article saying, “Bitcoin’s macro fundamentals are quietly strengthening against the backdrop of rising oil prices, firm Treasury yields, divergent employment data, and a cautious Fed stance.” With some altcoins (e.g., ADA, DOT) treasury funds likely shifting to Bitcoin, and key changes in credit conditions, a potential trend reversal is brewing in the market. Bitcoin has hovered around $106,000 over the past month, with volatility remaining at ±4%, and the longer the consolidation, the more likely it is to break out. Although Fed Chair Jerome Powell is expected to remain neutral at this week’s FOMC meeting and upside risks to 10-year Treasury yields remain, on-chain indicators still support the current level, and as long as it remains above $100,437, there is limited room for a pullback. The impact of geopolitical risks has weakened, and summer seasonality may allow Bitcoin to continue to consolidate in the short term, but a shift in medium- to long-term macro signals will lay the foundation for potential upside during the year."