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While the leading cryptocurrency Bitcoin remains stuck between $60,000 and $65,000, it continues to search for direction. The next move for $BTC is being closely watched, and 10x Research’s latest analysis highlights the $63,000 level.
Crypto research firm 10X Research stated that it sees $63,000 as a key level for Bitcoin to either recover or fall further.
At this point, Markus Thielen, founder of 10x Research, argues that the current $63,000 price range is a crucial area that will determine whether $BTC bottoms out or faces another sharp decline.
Thielen notes that Bitcoin closing above $63,000 on a monthly basis could be a critical technical signal for the market cycle. He suggests that such a close would push some cycle indicators back into positive territory, creating a stronger case for the bottoming out of the bear market.
$63,000 is Critically Important for Bitcoin!
Thielen noted that $63,000 is not a simple level for $BTC. According to the analyst, Bitcoin traded sideways around $60,000 for approximately six months prior to the 2024 US presidential election. Furthermore, $BTC’s initial peak in 2021 was also $64,000.
After Donald Trump’s election victory, it rapidly rose from $70,000 to $90,000. At this point, the analyst noted that the trading volume in the $70,000-$90,000 range was low, which left limited support for a downward movement.
The analyst, recalling his previous warning that a break below $93,000 in November 2025 could trigger a sharp drop towards $65,000, now states that the area around $60,000 is critical.
The analyst also noted that a large amount of $BTC changed hands in the $60,000-$65,000 range, and that they see $63,000 as a critical threshold to determine whether Bitcoin will confirm the bottom of its bear market.
However, risks remain if Bitcoin fails to sustain a move above this level. Specifically, ETF flows, institutional demand, US bond yields, and selling pressure from miners are among the key risk factors facing Bitcoin. Therefore, the analyst states that in addition to $BTC remaining above $63,000, positive developments are also necessary in the areas he considers risk factors.
*This is not investment advice.
Source: cryptonews.net