10x Research: With the changes in U.S. election odds and a slightly favorable risk appetite environment, Bitcoin may break upward again

ChainCatcher news, 10xResearch stated in its latest analysis that Bitcoin attempted to rebound yesterday but failed to break through the triangle pattern.

However, with changes in election odds and a slightly favorable risk appetite environment, Bitcoin may attempt to break upwards again. Nevertheless, significant risks remain, which could lead to a pullback in late September, followed by a potential rebound before the end of the year. All three reversal indicators show strong rebounds, with momentum exceeding its moving averages, which is an encouraging sign of improved market technical conditions. The possibility of rising to $65,000 is within range. However, we will closely monitor the direction of the triangle breakout. Risk management remains crucial.

As expected, following the sharp decline after the crash on August 5, long positions in perpetual contracts are limited. Ethereum's open interest remains relatively unchanged, while Bitcoin's small short positions may be closed, driving prices up. From a positive perspective, derivative positions are no longer overly extended, unlike in late July when excessive leverage led to an inevitable pullback.