10X Research: The recent bitcoin rebound may be due to the airdrop compensation before the CPI announcement
2024-07-11 05:51:52
10X Research posted that it had recommended taking a tactical bullish position on July 6 when Bitcoin was trading at $56,746. It is expected that the rate cut rally could push Bitcoin to around $60,000. Yesterday, Bitcoin rebounded to $59,350 due to short covering before the CPI announcement, in line with the rebound expectation. This week's CPI report is complicated because the expected decline has already caused short covering to rise by + 5%. Trading based on data releases and events requires an in-depth understanding of changing market expectations and changing positioning. Ultra-large fluctuations depend on unexpected factors as well as the positioning of traders.
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