Is the macro trend turning bullish? 10x Research: Key indicators show that Bitcoin is brewing a new round of pump.

As oil prices rise, U.S. Treasury yields remain stable, and the Federal Reserve's stance becomes more conservative, the market is entering a phase of heightened caution. Although overall economic signals are mixed, the macro outlook for Bitcoin is quietly showing signs of a turnaround. The latest chart from 10x Research reveals that a long-term reliable macro indicator has recently shifted to a bullish position, which may suggest that Bitcoin is set to experience significant market movements in the coming months.

The market has conflicting signals, and Bitcoin remains in a state of consolidation.

Currently, market news is mixed: on one hand, oil prices are rising and bond yields remain strong, while on the other hand, U.S. labor market data is weak and The Federal Reserve (FED) has taken a more cautious stance. Bitcoin prices have been consolidating around the key level of $106,000 for the past month, with a range fluctuation of only ±4%. This consolidation pattern, although seemingly calm, may be laying the groundwork for a breakout.

Signs of capital rotation are emerging, with funds from altcoins seemingly shifting towards Bitcoin.

As the funding demand for mainstream altcoins like Cardano (ADA) and Polkadot (DOT) decreases, some institutions may have quietly shifted their asset allocation to Bitcoin. This not only strengthens Bitcoin's hedging properties as digital gold but also reflects the market's relative confidence in Bitcoin's trend in the medium to short term.

Key macro indicators turn bullish, Bitcoin looks promising in the medium to long term.

According to 10x Research data, the macro technical indicators that have historically been seen as a watershed for Bitcoin's bullish and bearish phases have recently flipped from the "bearish zone" to the "bullish zone." In the past, similar turning points have often been accompanied by significant price surges in Bitcoin. Although the market is still constrained by a wait-and-see atmosphere in the short term, this signal may indicate a greatly increased possibility of a breakthrough for Bitcoin in the second half of the year.

The FOMC has no intention of being dovish, and the Federal Reserve's stance may suppress short-term momentum.

The Federal Reserve (FED) Chairman Jerome Powell is expected to maintain a neutral stance at this week's FOMC meeting and is unlikely to signal any easing of policies, which means that Bitcoin lacks direct momentum in the short term. In addition, the risk of rising yields on 10-year U.S. Treasury bonds still exists, and even if the labor market weakens, it may limit the flow of funds into risk assets.

Geopolitical risks have eased, but the consolidation pattern is difficult to break in the short term.

The risk of conflict between Israel and Iran has gradually receded, and the expected impact on Bitcoin will gradually weaken. However, due to the lack of new catalysts and lower liquidity in the summer, Bitcoin may still maintain a volatile consolidation pattern in the short term. From a technical perspective, as long as the price remains above $100,437, the retracement space will be relatively limited.

Although the short-term market is still constrained by the overall economy and the stance of The Federal Reserve (FED), both technical and funding aspects indicate that the medium to long-term potential of Bitcoin is brewing. This is currently a time when the market is most easily overlooked, and such silence is often a precursor to a major market movement. Key support has been established, and the next step is just waiting for the trigger point for a breakout to appear.

Is the macro trend turning bullish? 10x Research: Key indicators show that Bitcoin is brewing a new round of price increase, first appeared in Chain News ABMedia.