Marcus Thielen, founder of 10X Research, stated that if BTC closes its monthly candle above $63,000, the bear market bottom will be confirmed. He explained, "BTC's July closing price did not reach this threshold. Regarding positioning strategy, I still favor long positions, but I plan to switch to a neutral stance if BTC breaks below key support levels and moving averages. However, if the US 10-year Treasury yield continues to rise, there's a possibility that the Federal Reserve (Fed) might need to resume interest rate hikes in September. Additionally, there's a potential selling volume of approximately 100,000 BTC held by mining companies transitioning to artificial intelligence (AI) businesses, and liquidation moves by BTC-holding companies could also act as selling pressure."
