TechFlow news, cryptocurrency research firm 10x Research reported that Bitcoin's price has risen 4% since yesterday, aligning with its tactically bullish outlook. Bitcoin has broken out of a symmetrical triangle pattern, suggesting potential for further upside. Funding rates for Bitcoin have returned to premium territory, accompanied by a $10 billion increase in open interest.
Given current market dynamics, 10x Research recommends going long on Bitcoin while shorting Ethereum, as Bitcoin's market dominance continues to rise along with its share of total open interest.
The Fed's meeting minutes were as expected dovish, emphasizing employment conditions. Inflation appears within the range projected by current economic data. The vast majority of FOMC members support a rate cut in September, with some even viewing a July cut as a viable option, making a September rate cut nearly certain.
The report expects Chair Powell’s upcoming speech on Friday to reinforce this dovish outlook, potentially boosting risk assets such as equities and Bitcoin. The Fed's policy focus is shifting toward employment, with inflation data becoming less critical, especially as CPI is projected to trend toward 2.5% over the coming months. The report suggests multiple rate cuts may be necessary to sustain the current economic expansion.
