Bitcoin Needs Macroeconomic Triggers for Further Uptrend: Analysis by 10X Research

IconCryptoNewsTerminal Staff28 Jul, 2024

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Bitcoin Needs Macroeconomic Triggers for Further Uptrend: Analysis by 10X Research

Bitcoin's next move might be dictated by macroeconomic factors, so says crypto market analysis firm 10X Research. The firm recently stated in a report that "Bitcoin needs macroeconomic triggers for further uptrend." The report indicated that BTC tends to consolidate in August and decline in September. While the market has been positive recently due to expectations of a US rate cut, easing inflation, and the election schedule, 10X Research pointed out that around $1 billion worth of cryptocurrencies will be unlocked in August, which could lead to selling pressure. Therefore, triggers such as a US rate cut or a further decline in inflation figures are needed. The upcoming FOMC meeting and the US CPI will be critical in providing these triggers.

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