10x Research: Bitcoin May Undergo Major Shift In $60,000 To $70,000 Trading Range
In Brief
10x Research released a market analysis indicating that established narratives are being re-evaluated and new narratives are slowly emerging.
Organization dedicated to digital asset research for wealth managers and cryptocurrency service providers, 10x Research recently released a market analysis indicating that interpreting trends during pivotal times in the economy and financial markets is becoming increasingly difficult. This complexity arises as established narratives are being re-evaluated while new narratives are slowly emerging.
During this period, traders and investors need to be vigilant in observing market signals and acknowledge that the market often centers on a single dominant narrative before transitioning to a new focus. Recognizing this pattern is crucial for effectively tracking market changes, the firm emphasized.
Following the German government’s sale of Bitcoin in late June, market attention shifted to the anticipated payout from the cryptocurrency exchange Mt. Gox in early July. The situation took an unexpected twist with the attack on Donald Trump and his subsequent choice of Bitcoin holder JD Vance as his vice presidential running mate. As Donald Trump’s chances of election surged to 70%, Bitcoin’s price became closely linked to these political events. However, this momentum was abruptly interrupted when President Joe Biden announced his decision to withdraw from the 2025 United States presidential race on July 21st.
Subsequently, after discussions of a strategic Bitcoin reserve surfaced, Bitcoin once again surpassed the $70,000 mark, fueling high expectations for Donald Trump’s upcoming speech at the Nashville Bitcoin Conference at the end of July. However, the speech fell short of these expectations. The company pointed out that the rally lost momentum when the United States government transferred $2 billion worth of Bitcoin. While the trading range between $60,000 and $70,000 has remained steady, a notable shift in this range is anticipated.
Crypto Market Cap Decreases, Bitcoin And Ethereum Prices Enter Bearish Trend
At the time of this writing, Bitcoin is trading at $58,462, reflecting a decline of over 4.37% in the past 24 hours, indicating a bearish trend as its price pulls back compared to the end of last week. During this period, Bitcoin’s lowest and highest prices were $58,305 and $61,585, respectively.
Similarly, Ethereum is currently trading at $2,550, down by more than 3.97% over the last 24 hours. Its 24-hour low and high were recorded as $2,527 and $2,711, respectively.
The global cryptocurrency market capitalization has decreased by over 4.30% in the past day, now standing at $2.05 trillion. Despite this decline, the total market volume for cryptocurrencies over the last 24 hours experienced a notable surge of 53.92%, reaching $60.04 billion, according to data from CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
