CoinVoice recently learned that 10x Research published an article saying that on July 6, when Bitcoin was trading at $56,746, it had recommended a tactical bullish position, predicting that a rebound from a rate cut could push Bitcoin to around $60,000. Yesterday, Bitcoin rebounded to $59,350 due to short covering before the CPI announcement, in line with the rebound expectations. This week's CPI report is complicated because the expected decline has led to a +5% rise in short covering.
Trading based on data releases and events requires a deep understanding of changing market expectations and changing positioning, and outsized moves depend on unexpected factors as well as traders’ positioning. [Original link]
