10x Research: Bitcoin may attempt to breakout again and rise to $65,000, the market technicals are improving

Odaily Odaily News 10x Research said in its latest analysis that Bitcoin attempted to rebound yesterday but failed to break out of its triangle structure. However, with the change in election odds and a slightly favorable risk environment, Bitcoin may try to break out again. Nevertheless, significant risks still loom, which may lead to a pullback later in September and a possible rebound before the end of the year. All three of our reversal indicators show a strong rebound with momentum exceeding their slower moving averages, which is an encouraging sign that the market technicals are improving. Bitcoin's rise to $65,000 is achievable. However, we will keep a close eye on the direction of the triangle breakout. Risk management remains critical. As expected, long exposure to perpetual futures contracts is limited after the sharp decline around the August 5 crash. Ethereum's open interest remains relatively unchanged, while a small number of short positions in Bitcoin may be covered, which may push up Bitcoin's price. On the bright side, derivatives positions are no longer overextended, unlike in late July, when excessive leverage adjustments were inevitable.