On June 16, 10x Research stated that "against the backdrop of rising oil prices, resilient US bond yields, divergent employment data, and the Federal Reserve's cautious stance, Bitcoin's macroeconomic fundamentals are quietly strengthening.
As treasury funds from some Altcoins (such as ADA, DOT) may shift towards Bitcoin, and with critical changes in the credit environment, the market is brewing a potential trend reversal. Bitcoin has been oscillating around $106,000 over the past month, with volatility maintained at ±4%. The longer the consolidation period, the higher the likelihood of a breakthrough.
Although Federal Reserve Chairman Powell is expected to maintain a neutral stance at this week's FOMC meeting, and the upward risk of 10-year US Treasury yields persists, on-chain indicators still support the current price level. As long as it remains above $100,437, the pullback space is limited.
With geopolitical risks weakening and potential seasonal summer factors possibly causing Bitcoin to continue consolidating in the short term, a shift in medium to long-term macro signals could lay the foundation for a potential rise within the year."
