Analysis: Active buying by long-term holders helps BTC form short-term support, but caution is still needed regarding cycle lows
According to a report by Odaily, 10x Research analyzed that stronger-than-expected U.S. employment data led to Bitcoin price fluctuations, and ETF outflows further increased selling pressure. However, active buying from long-term holders helped form price support in the market. Meanwhile, weak employment data also caused market expectations for the next rate hike to be pushed from October 2026 to December, providing some short-term support for Bitcoin. 10x Research added that historical data shows July has consistently been a strong month for Bitcoin, with an average increase of 9.1%. However, the market usually enters a consolidation phase from August to September, with September potentially being the cycle's low point. Recently, Bitcoin rebounded from 58,500 USD to 61,500 USD, possibly offering new opportunities for traders.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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