BlockBeats News, June 16, 10x Research stated that "Against the backdrop of rising oil prices, strong US Treasury yields, diverging employment data, and the Federal Reserve's cautious stance, Bitcoin's macro fundamentals are quietly strengthening.
As some altcoins (such as ADA, DOT) may see treasury funds shift towards Bitcoin, and key changes in the credit environment emerge, the market is brewing a potential trend reversal. Bitcoin has been oscillating around $106,000 over the past month, with a volatility range of ±4%. The longer the consolidation period, the greater the likelihood of a breakout.
Although Fed Chair Powell is expected to maintain a neutral stance at this week's FOMC meeting, and there are still upward risks for the 10-year US Treasury yield, on-chain indicators continue to support the current price level, as long as it remains above $100,437, the space for a pullback is limited.