Bitcoin’s $63,000 Level May Determine Whether August Selloff Ends
Summary
- 10x Research said $63,000 is the key level for Bitcoin, calling it a critical threshold that could determine whether the bear market ends in August.
- Bitcoin remains below both its seven-day moving average and 30-day moving average, and its 3.2% decline over the past week points to continued short-term weakness.
- Potential selling by miners and companies holding Bitcoin, along with the 10-year US Treasury yield and easing geopolitical tensions, could determine when Bitcoin confirms an August bottom.
Forecast Trend Report by Period
Bitcoin’s ability to hold above $63,000 may be the key factor in determining whether its August selloff is over, 10x Research said.
In a post on X on Aug. 3, the crypto research firm said $63,000 is now the most important level for Bitcoin. It wrote that the price could determine whether the token finds a bottom this month or whether the bearish phase extends further.
Bitcoin failed last month to break through the technical threshold needed to confirm a market bottom. The token is also trading below both its seven-day and 30-day moving averages, and has fallen 3.2% over the past week, leaving the short-term trend bearish.
Potential selling by miners and companies holding Bitcoin is another overhang. If those supplies come to market before investors fully price in the selling pressure, any rebound could be limited.
The yield on the 10-year US Treasury is also a key variable. 10x Research said the benchmark long-term yield has moved above a level it had been watching, and that its next move could affect when Bitcoin confirms an August bottom.
Still, easing geopolitical tensions in the Middle East have helped calm some of the risk-off mood around speculative assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.