10x Research: Key Macro Signals Turn Bullish, Bitcoin Consolidation Brewing for a Breakout

BlockBeats made a report on June 16th. 10x Research published an article stating that against the backdrop of increasing oil prices, resilient U.S. Treasury yields, mixed employment data, and the Federal Reserve's cautious stance, Bitcoin's macro fundamentals are quietly strengthening. With treasury funds from certain alternative coins (such as ADA and DOT) potentially moving towards Bitcoin and key changes in the credit environment, the market is brewing a potential trend reversal. Over the past month, Bitcoin has been hovering around $106,000 with a volatility range of ±4%. The longer the consolidation phase lasts, the higher the likelihood of a breakout. Although Federal Reserve Chair Powell is expected to maintain a neutral tone at this week's FOMC meeting and the risk of a rise in 10-year U.S. Treasury yields still exists, on-chain indicators still support the current price levels. As long as it stays above $100,437, the downside potential remains limited. With geopolitical risks subsiding and seasonal factors during the summer possibly leading to further short-term consolidation for Bitcoin, a shift in a medium- to long-term macro signal is laying the groundwork for potential upside later this year.